Comerica Bank Acquires 2,270 Shares of Shopify Inc. (SHOP)
Comerica Bank grew its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SH) by 50.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,739 shares of the software maker’s stock after buying an additional 2,270 shares during the quarter. Comerica Bank’s holdings in Shopify were worth $631,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Seven Bridges Advisors LLC purchased a new stake in shares of Shopify during the 2nd quarter valued at about $120,000. FNY Partners Fund LP purchased a new stake in shares of Shopify during the 1st quarter valued at about $102,000. SG Americas Securities LLC purchased a new stake in shares of Shopify during the 1st quarter valued at about $116,000. FNY Managed Accounts LLC purchased a new stake in shares of Shopify during the 1st quarter valued at about $136,000. Finally, Wedbush Securities Inc. purchased a new stake in shares of Shopify during the 2nd quarter valued at about $212,000. Hedge funds and other institutional investors own 53.77% of the company’s stock.
A number of analysts recently weighed in on the stock. Vetr lowered shares of Shopify from a “strong-buy” rating to a “buy” rating and set a $101.92 price objective on the stock. in a research report on Tuesday, July 11th. BidaskClub lowered shares of Shopify from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 5th. Roth Capital increased their price objective on shares of Shopify from $92.00 to $101.00 and gave the stock a “buy” rating in a research report on Wednesday, July 26th. Zacks Investment Research raised shares of Shopify from a “hold” rating to a “buy” rating and set a $101.00 price objective on the stock in a research report on Friday, July 28th. Finally, Canaccord Genuity reissued a “buy” rating and issued a $115.00 price objective (up from $90.00) on shares of Shopify in a research report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, eighteen have issued a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. Shopify has a consensus rating of “Buy” and a consensus price target of $94.80.
Shopify Inc. (NYSE SHOP) opened at 120.27 on Friday. The company’s market capitalization is $11.85 billion. The stock’s 50 day moving average is $120.50 and its 200-day moving average is $120.50. Shopify Inc. has a 1-year low of $37.74 and a 1-year high of $123.94.
Shopify (NYSE:SHOP) (TSE:SH) last announced its earnings results on Tuesday, August 1st. The software maker reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.05. Shopify had a negative net margin of 8.96% and a negative return on equity of 8.26%. The firm had revenue of $151.70 million for the quarter, compared to the consensus estimate of $143.94 million. During the same period in the prior year, the firm earned ($0.04) EPS. The firm’s revenue for the quarter was up 75.2% on a year-over-year basis. On average, analysts expect that Shopify Inc. will post ($0.04) earnings per share for the current fiscal year.
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Shopify Company Profile
Shopify Inc (Shopify) provides a cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company offers subscription solutions and merchant solutions. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts and marketplaces.
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