AE Wealth Management LLC Has $492,000 Position in Shopify Inc (SHOP)
AE Wealth Management LLC lessened its position in Shopify Inc (NYSE:SHOP) (TSE:SHOP) by 14.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,369 shares of the software maker’s stock after selling 566 shares during the period. AE Wealth Management LLC’s holdings in Shopify were worth $492,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Fisher Asset Management LLC increased its stake in Shopify by 18.9% during the 2nd quarter. Fisher Asset Management LLC now owns 2,496 shares of the software maker’s stock valued at $364,000 after buying an additional 396 shares during the period. Roundview Capital LLC increased its stake in Shopify by 11.0% during the 1st quarter. Roundview Capital LLC now owns 5,765 shares of the software maker’s stock valued at $718,000 after buying an additional 570 shares during the period. First Trust Advisors LP increased its stake in Shopify by 20.0% during the 2nd quarter. First Trust Advisors LP now owns 3,592 shares of the software maker’s stock valued at $524,000 after buying an additional 599 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of Shopify by 88.7% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,447 shares of the software maker’s stock worth $211,000 after purchasing an additional 680 shares during the last quarter. Finally, Financial Advocates Investment Management grew its stake in shares of Shopify by 25.7% in the 2nd quarter. Financial Advocates Investment Management now owns 3,473 shares of the software maker’s stock worth $519,000 after purchasing an additional 710 shares during the last quarter. 60.74% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have recently issued reports on SHOP. Roth Capital lifted their price objective on shares of Shopify from $165.00 to $192.00 and gave the stock a “buy” rating in a research note on Tuesday, July 24th. National Bank Financial lifted their price objective on shares of Shopify from $160.00 to $180.00 and gave the stock a “$173.26” rating in a research note on Monday, July 23rd. KeyCorp reaffirmed an “overweight” rating and issued a $182.00 price objective (up previously from $170.00) on shares of Shopify in a research note on Tuesday, June 19th. Barclays lifted their price objective on shares of Shopify from $125.00 to $155.00 and gave the stock an “equal weight” rating in a research note on Monday, July 23rd. They noted that the move was a valuation call. Finally, Royal Bank of Canada lifted their price objective on shares of Shopify from $126.00 to $157.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 26th. Seven equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. Shopify has an average rating of “Buy” and a consensus price target of $163.95.
Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, July 31st. The software maker reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.28) by $0.30. Shopify had a negative net margin of 6.12% and a negative return on equity of 3.77%. The company had revenue of $245.00 million during the quarter, compared to analysts’ expectations of $234.72 million. During the same period last year, the company posted ($0.01) earnings per share. The business’s revenue for the quarter was up 61.5% on a year-over-year basis. analysts anticipate that Shopify Inc will post -0.76 earnings per share for the current fiscal year.
Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in Canada, the United States, the United Kingdom, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.
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