MML Investors Services LLC raised its holdings in shares of Shopify Inc (NYSE:SHOP) (TSE:SHOP) by 9.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,872 shares of the software maker’s stock after purchasing an additional 1,556 shares during the quarter. MML Investors Services LLC’s holdings in Shopify were worth $3,693,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also added to or reduced their stakes in SHOP. Vanguard Group Inc. raised its holdings in Shopify by 15.1% in the third quarter. Vanguard Group Inc. now owns 202,962 shares of the software maker’s stock valued at $33,379,000 after acquiring an additional 26,685 shares in the last quarter. We Are One Seven LLC acquired a new stake in Shopify in the fourth quarter valued at approximately $27,000. D.A. Davidson & CO. raised its holdings in Shopify by 7.3% in the fourth quarter. D.A. Davidson & CO. now owns 3,227 shares of the software maker’s stock valued at $447,000 after acquiring an additional 220 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in Shopify in the fourth quarter valued at approximately $127,000. Finally, Wedbush Securities Inc. raised its holdings in Shopify by 10.7% in the fourth quarter. Wedbush Securities Inc. now owns 2,154 shares of the software maker’s stock valued at $298,000 after acquiring an additional 209 shares in the last quarter. Institutional investors and hedge funds own 66.47% of the company’s stock.
A number of research firms have weighed in on SHOP. National Bank Financial raised their price objective on shares of Shopify from $270.00 to $350.00 and gave the stock an “outperform” rating in a report on Thursday, June 20th. KeyCorp began coverage on shares of Shopify in a report on Monday, April 29th. They set an “overweight” rating and a $250.00 price objective on the stock. Rosenblatt Securities reissued a “buy” rating and set a $395.00 price objective (up previously from $295.00) on shares of Shopify in a report on Thursday, June 20th. Roth Capital raised their target price on shares of Shopify from $200.00 to $225.00 and gave the stock a “buy” rating in a research report on Thursday, April 11th. Finally, Credit Suisse Group raised their target price on shares of Shopify from $190.00 to $275.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Shopify currently has a consensus rating of “Buy” and an average price target of $295.92.
Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, April 30th. The software maker reported $0.09 EPS for the quarter, topping the consensus estimate of ($0.35) by $0.44. The company had revenue of $320.50 million for the quarter, compared to analyst estimates of $310.11 million. Shopify had a negative net margin of 6.17% and a negative return on equity of 3.74%. The business’s revenue was up 49.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.04 EPS. As a group, sell-side analysts forecast that Shopify Inc will post -0.79 earnings per share for the current year.
Shopify Company Profile
Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, 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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