Eagle Asset Management Inc. acquired a new position in Shopify Inc (NYSE:SHOP) (TSE:SHOP) in the 3rd quarter, HoldingsChannel.com reports. The fund acquired 290,530 shares of the software maker’s stock, valued at approximately $47,780,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Resources Investment Advisors Inc. lifted its stake in Shopify by 10,257.1% in the second quarter. Resources Investment Advisors Inc. now owns 725 shares of the software maker’s stock worth $106,000 after purchasing an additional 718 shares during the last quarter. Shine Investment Advisory Services Inc. bought a new stake in Shopify in the second quarter worth about $159,000. Captrust Financial Advisors lifted its stake in Shopify by 643.3% in the second quarter. Captrust Financial Advisors now owns 1,115 shares of the software maker’s stock worth $163,000 after purchasing an additional 965 shares during the last quarter. Bollard Group LLC bought a new stake in Shopify in the third quarter worth about $164,000. Finally, Cornerstone Wealth Management LLC bought a new stake in Shopify in the second quarter worth about $165,000. 68.50% of the stock is owned by institutional investors and hedge funds.

Several brokerages have issued reports on SHOP. Canaccord Genuity raised their price objective on shares of Shopify from $160.00 to $165.00 and gave the stock a “buy” rating in a research note on Tuesday, July 31st. Robert W. Baird raised their price objective on shares of Shopify from $150.00 to $165.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 31st. Roth Capital decreased their price objective on shares of Shopify from $192.00 to $180.00 and set a “buy” rating for the company in a research note on Wednesday, August 1st. Morgan Stanley raised their price objective on shares of Shopify from $140.00 to $151.00 and gave the stock a “hold” rating in a research note on Wednesday, August 1st. Finally, Piper Jaffray Companies downgraded shares of Shopify from an “overweight” rating to a “neutral” rating and set a $145.00 price target for the company. in a research note on Tuesday, July 31st. Seven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $164.90.

Shopify stock opened at $133.75 on Tuesday. The company has a quick ratio of 11.82, a current ratio of 11.82 and a debt-to-equity ratio of 0.01. Shopify Inc has a fifty-two week low of $92.41 and a fifty-two week high of $176.60. The company has a market cap of $16.15 billion, a PE ratio of -318.45 and a beta of 1.40.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Thursday, October 25th. The software maker reported $0.04 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.30) by $0.34. Shopify had a negative net margin of 6.93% and a negative return on equity of 4.26%. The firm had revenue of $270.06 million during the quarter, compared to the consensus estimate of $257.17 million. On average, sell-side analysts predict that Shopify Inc will post -0.63 EPS for the current year.

COPYRIGHT VIOLATION NOTICE: “Eagle Asset Management Inc. Acquires Shares of 290,530 Shopify Inc (SHOP)” was first reported by Daily Political and is the sole property of of Daily Political. If you are viewing this article on another publication, it was illegally stolen and reposted in violation of United States and international trademark & copyright laws. The legal version of this article can be read at https://www.dailypolitical.com/2018/11/20/eagle-asset-management-inc-acquires-shares-of-290530-shopify-inc-shop.html.

Shopify Profile

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.

Read More: Investing in Growth Stocks

Want to see what other hedge funds are holding SHOP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Shopify Inc (NYSE:SHOP) (TSE:SHOP).

Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

Receive News & Ratings for Shopify Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Shopify and related companies with MarketBeat.com's FREE daily email newsletter.