AdvisorNet Financial Inc lifted its position in shares of Shopify Inc. (NYSE:SHOP – Get Rating) (TSE:SHOP) by 1,091.4% during the second quarter, Holdings Channel reports. The firm owned 6,660 shares of the software maker’s stock after acquiring an additional 6,101 shares during the quarter. AdvisorNet Financial Inc’s holdings in Shopify were worth $208,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also made changes to their positions in SHOP. Loomis Sayles & Co. L P increased its position in shares of Shopify by 86,911.9% during the first quarter. Loomis Sayles & Co. L P now owns 1,238,179 shares of the software maker’s stock worth $836,959,000 after purchasing an additional 1,236,756 shares in the last quarter. Norges Bank acquired a new position in Shopify in the 4th quarter valued at about $1,578,341,000. Capital Research Global Investors increased its position in Shopify by 43.0% in the 1st quarter. Capital Research Global Investors now owns 3,012,007 shares of the software maker’s stock valued at $2,036,179,000 after acquiring an additional 906,250 shares during the period. Sands Capital Management LLC increased its position in Shopify by 51.7% in the 1st quarter. Sands Capital Management LLC now owns 2,127,581 shares of the software maker’s stock valued at $1,438,160,000 after acquiring an additional 724,767 shares during the period. Finally, Jarislowsky Fraser Ltd increased its position in Shopify by 101.5% in the 1st quarter. Jarislowsky Fraser Ltd now owns 1,146,154 shares of the software maker’s stock valued at $775,818,000 after acquiring an additional 577,264 shares during the period. Institutional investors and hedge funds own 54.64% of the company’s stock.
Analyst Ratings Changes
Several brokerages recently issued reports on SHOP. Piper Sandler cut Shopify from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $38.00 to $32.00 in a research report on Thursday, July 28th. DZ Bank cut Shopify from a “buy” rating to a “hold” rating in a research report on Wednesday, August 10th. Canaccord Genuity Group dropped their price target on Shopify from $45.00 to $40.00 in a research report on Thursday, July 28th. Morgan Stanley dropped their target price on Shopify from $44.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Finally, Jefferies Financial Group dropped their target price on Shopify from $47.50 to $40.00 in a research report on Wednesday, July 27th. Two analysts have rated the stock with a sell rating, seventeen have given a hold rating and nineteen have given a buy rating to the stock. Based on data from MarketBeat, Shopify currently has a consensus rating of “Hold” and a consensus price target of $72.18.
Shopify Trading Down 6.0 %
Shopify (NYSE:SHOP – Get Rating) (TSE:SHOP) last issued its quarterly earnings results on Wednesday, July 27th. The software maker reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.04). Shopify had a negative return on equity of 1.61% and a negative net margin of 38.01%. The business had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.33 billion. On average, research analysts predict that Shopify Inc. will post -0.45 earnings per share for the current year.
Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The company's platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.
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