Janney Montgomery Scott LLC lifted its stake in Shopify Inc. (NYSE:SHOP – Get Rating) (TSE:SHOP) by 5.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 72,706 shares of the software maker’s stock after purchasing an additional 4,039 shares during the period. Janney Montgomery Scott LLC’s holdings in Shopify were worth $1,959,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. Vident Investment Advisory LLC grew its holdings in shares of Shopify by 5.3% in the 1st quarter. Vident Investment Advisory LLC now owns 661 shares of the software maker’s stock valued at $447,000 after buying an additional 33 shares during the period. Interchange Capital Partners LLC grew its stake in Shopify by 7.1% in the 1st quarter. Interchange Capital Partners LLC now owns 511 shares of the software maker’s stock valued at $345,000 after buying an additional 34 shares during the last quarter. Ancora Advisors LLC grew its stake in Shopify by 6.2% in the 1st quarter. Ancora Advisors LLC now owns 1,177 shares of the software maker’s stock valued at $1,302,000 after buying an additional 69 shares during the last quarter. SVB Wealth LLC grew its position in shares of Shopify by 14.0% during the 1st quarter. SVB Wealth LLC now owns 659 shares of the software maker’s stock worth $445,000 after purchasing an additional 81 shares in the last quarter. Finally, Industrial Alliance Investment Management Inc. grew its position in shares of Shopify by 292.9% during the 1st quarter. Industrial Alliance Investment Management Inc. now owns 110 shares of the software maker’s stock worth $74,000 after purchasing an additional 82 shares in the last quarter. Institutional investors and hedge funds own 56.31% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities analysts have recently issued reports on the stock. Robert W. Baird raised their price target on shares of Shopify to $50.00 in a research note on Tuesday, November 1st. DA Davidson reissued a “neutral” rating on shares of Shopify in a research report on Thursday. CIBC raised shares of Shopify from a “neutral” rating to a “sector outperform” rating in a research report on Tuesday, December 6th. Piper Sandler lifted their target price on shares of Shopify from $32.00 to $36.00 and gave the stock a “neutral” rating in a research note on Friday, October 28th. Finally, UBS Group started coverage on shares of Shopify in a research note on Thursday, December 8th. They set a “sell” rating and a $30.00 price objective for the company. Three research analysts have rated the stock with a sell rating, twenty-two have given a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $56.05.
Shopify Price Performance
Shopify (NYSE:SHOP – Get Rating) (TSE:SHOP) last issued its quarterly earnings results on Thursday, October 27th. The software maker reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.10. Shopify had a negative return on equity of 3.82% and a negative net margin of 61.17%. The company had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Analysts expect that Shopify Inc. will post -0.49 EPS 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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