Wedbush Securities Inc. Grows Holdings in Shopify Inc (SHOP)

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Wedbush Securities Inc. grew its holdings in Shopify Inc (NYSE:SHOP) (TSE:SHOP) by 14.5% during the first quarter, HoldingsChannel reports. The firm owned 2,466 shares of the software maker’s stock after acquiring an additional 312 shares during the period. Wedbush Securities Inc.’s holdings in Shopify were worth $510,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in SHOP. Financial Advocates Investment Management raised its position in shares of Shopify by 4.2% during the 4th quarter. Financial Advocates Investment Management now owns 3,873 shares of the software maker’s stock valued at $536,000 after buying an additional 155 shares during the period. Bollard Group LLC raised its position in shares of Shopify by 1,935.0% during the 4th quarter. Bollard Group LLC now owns 20,350 shares of the software maker’s stock valued at $2,817,000 after buying an additional 19,350 shares during the period. Brown Advisory Inc. raised its position in shares of Shopify by 6.9% during the 4th quarter. Brown Advisory Inc. now owns 4,927 shares of the software maker’s stock valued at $682,000 after buying an additional 318 shares during the period. Barton Investment Management raised its position in shares of Shopify by 5.6% during the 4th quarter. Barton Investment Management now owns 304,743 shares of the software maker’s stock valued at $42,192,000 after buying an additional 16,208 shares during the period. Finally, Teachers Advisors LLC purchased a new stake in shares of Shopify during the 3rd quarter valued at approximately $9,182,000. 64.95% of the stock is currently owned by institutional investors and hedge funds.

SHOP has been the subject of several research reports. Zacks Investment Research upgraded shares of Shopify from a “strong sell” rating to a “hold” rating and set a $241.00 target price for the company in a report on Tuesday, April 16th. Roth Capital lifted their target price on shares of Shopify from $200.00 to $225.00 and gave the company a “buy” rating in a report on Thursday, April 11th. Macquarie lifted their target price on shares of Shopify to $230.00 and gave the company an “outperform” rating in a report on Wednesday, March 27th. Rosenblatt Securities lifted their target price on shares of Shopify from $190.00 to $212.00 and gave the company a “buy” rating in a report on Thursday, February 14th. Finally, SunTrust Banks reiterated a “hold” rating and issued a $170.00 target price on shares of Shopify in a report on Thursday, February 14th. Six research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $195.80.

NYSE:SHOP opened at $220.72 on Monday. The firm has a market capitalization of $24.37 billion, a price-to-earnings ratio of -361.84 and a beta of 1.53. The company has a debt-to-equity ratio of 0.01, a current ratio of 15.35 and a quick ratio of 15.35. Shopify Inc has a 52 week low of $117.64 and a 52 week high of $221.82.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, February 12th. The software maker reported $0.26 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.06) by $0.32. The business had revenue of $344.00 million during the quarter, compared to the consensus estimate of $327.45 million. Shopify had a negative net margin of 6.01% and a negative return on equity of 3.52%. The company’s quarterly revenue was up 54.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.15 earnings per share. On average, sell-side analysts anticipate that Shopify Inc will post -1 earnings per share for the current fiscal year.

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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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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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