Van ECK Associates Corp raised its holdings in shares of Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) by 14.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 75,077 shares of the software maker’s stock after buying an additional 9,543 shares during the period. Van ECK Associates Corp’s holdings in Shopify were worth $3,600,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Hollencrest Capital Management acquired a new stake in Shopify during the 4th quarter worth about $92,000. Prospera Financial Services Inc increased its stake in Shopify by 24.8% in the 4th quarter. Prospera Financial Services Inc now owns 23,836 shares of the software maker’s stock valued at $827,000 after buying an additional 4,735 shares during the period. Savant Capital LLC purchased a new stake in Shopify in the 1st quarter worth approximately $273,000. Whittier Trust Co. boosted its stake in shares of Shopify by 21.9% during the 1st quarter. Whittier Trust Co. now owns 4,751 shares of the software maker’s stock valued at $228,000 after buying an additional 855 shares during the period. Finally, Nikko Asset Management Americas Inc. increased its stake in shares of Shopify by 0.9% in the first quarter. Nikko Asset Management Americas Inc. now owns 9,956,159 shares of the software maker’s stock worth $469,333,000 after acquiring an additional 91,508 shares during the last quarter. Institutional investors own 58.14% of the company’s stock.
Analysts Set New Price Targets
A number of research firms have recently weighed in on SHOP. DA Davidson raised their price target on Shopify from $50.00 to $67.00 in a research note on Friday, May 5th. Credit Suisse Group boosted their target price on shares of Shopify from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Friday, July 14th. CIBC set a $75.00 price target on shares of Shopify and gave the company an “outperform” rating in a report on Wednesday, July 26th. Jefferies Financial Group upped their price objective on shares of Shopify from $44.00 to $65.00 in a report on Sunday, June 11th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $54.00 price target on shares of Shopify in a research report on Wednesday, July 19th. Two analysts have rated the stock with a sell rating, twenty-two have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $61.82.
Shopify Stock Performance
Shopify (NYSE:SHOP – Get Free Report) (TSE:SHOP) last announced its quarterly earnings results on Thursday, May 4th. The software maker reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.08. Shopify had a negative return on equity of 6.02% and a negative net margin of 32.49%. The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.44 billion. Equities research analysts forecast that Shopify Inc. will post -0.14 EPS for the current year.
Shopify Profile
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.
See Also
- Five stocks we like better than Shopify
- How Can Investors Benefit From After-Hours Trading
- JetBlue Airlines May Have Entered A Buy Zone, Check This First
- Most Active Stocks: Dollar Volume vs Share Volume
- Investors Are Staying Bullish On Marriot International
- Canadian Penny Stocks: Can They Make You Rich?
- Do Caterpillar’s Results Hint at a Looming Infrastructure Bubble?
Want to see what other hedge funds are holding SHOP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP).
Receive News & Ratings for Shopify Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Shopify and related companies with MarketBeat.com's FREE daily email newsletter.
