Eagle Asset Management Inc. Acquires Shares of 290,530 Shopify Inc (SHOP)
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 (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.
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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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