Concorde Asset Management LLC Invests $968,000 in Shopify Inc. (NYSE:SHOP)

Concorde Asset Management LLC bought a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 946 shares of the software maker’s stock, valued at approximately $968,000.

Other institutional investors have also modified their holdings of the company. Morgan Stanley raised its holdings in shares of Shopify by 21.9% during the first quarter. Morgan Stanley now owns 5,248,062 shares of the software maker’s stock worth $2,188,075,000 after acquiring an additional 942,540 shares in the last quarter. Jennison Associates LLC raised its holdings in shares of Shopify by 11.5% during the second quarter. Jennison Associates LLC now owns 3,300,244 shares of the software maker’s stock worth $3,132,592,000 after acquiring an additional 341,548 shares in the last quarter. Toronto Dominion Bank raised its holdings in shares of Shopify by 171.0% during the second quarter. Toronto Dominion Bank now owns 387,560 shares of the software maker’s stock worth $368,099,000 after acquiring an additional 244,534 shares in the last quarter. Coatue Management LLC raised its holdings in shares of Shopify by 12,090.1% during the second quarter. Coatue Management LLC now owns 166,639 shares of the software maker’s stock worth $158,173,000 after acquiring an additional 165,272 shares in the last quarter. Finally, Softbank Group Corp purchased a new stake in shares of Shopify during the second quarter worth $114,113,000. 59.45% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:SHOP traded down $4.38 during trading on Monday, reaching $1,021.84. The stock had a trading volume of 28,512 shares, compared to its average volume of 2,703,097. Shopify Inc. has a 52 week low of $282.08 and a 52 week high of $1,146.91. The business’s 50-day moving average price is $995.46 and its 200 day moving average price is $876.82. The stock has a market capitalization of $123.77 billion, a PE ratio of -1,682.30, a P/E/G ratio of 96.18 and a beta of 1.48.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Wednesday, July 29th. The software maker reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $1.04. Shopify had a negative net margin of 3.25% and a positive return on equity of 0.32%. The company had revenue of $714.34 million during the quarter, compared to analysts’ expectations of $511.56 million. During the same quarter in the previous year, the company posted $0.10 earnings per share. Shopify’s quarterly revenue was up 97.3% compared to the same quarter last year. Equities research analysts anticipate that Shopify Inc. will post 0.34 earnings per share for the current fiscal year.

Several analysts recently issued reports on the company. KeyCorp increased their price objective on Shopify from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Tuesday, October 6th. Roth Capital raised their target price on Shopify from $850.00 to $1,000.00 and gave the company a “neutral” rating in a report on Wednesday, October 14th. Atlantic Securities started coverage on Shopify in a report on Wednesday, August 26th. They set an “overweight” rating and a $1,150.00 target price on the stock. ValuEngine upgraded Shopify from a “hold” rating to a “buy” rating in a report on Thursday, October 1st. Finally, Mizuho restated a “neutral” rating and set a $1,050.00 target price on shares of Shopify in a report on Friday, September 4th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and twelve have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $1,022.25.

Shopify Profile

Shopify Inc, a commerce company, 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, fulfill and ship orders, build customer relationships, source products, leverage analytics and reporting, and access financing.

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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