Swiss National Bank boosted its position in Shopify Inc. (NYSE:SHOP) by 98.9% during the second quarter, Holdings Channel reports. The institutional investor owned 53,300 shares of the company’s stock after buying an additional 26,500 shares during the period. Swiss National Bank owned 0.07% of Shopify worth $1,632,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of SHOP. Amica Retiree Medical Trust raised its stake in Shopify by 80.9% in the second quarter. Amica Retiree Medical Trust now owns 3,695 shares of the company’s stock worth $114,000 after buying an additional 1,652 shares during the last quarter. Bayesian Capital Management LP bought a new stake in Shopify during the first quarter worth approximately $238,000. Tocqueville Asset Management L.P. bought a new stake in Shopify during the second quarter worth approximately $246,000. CIBC World Markets Inc. raised its stake in Shopify by 7.7% in the first quarter. CIBC World Markets Inc. now owns 11,967 shares of the company’s stock worth $338,000 after buying an additional 855 shares during the last quarter. Finally, HL Financial Services LLC bought a new stake in Shopify during the second quarter worth approximately $442,000. Institutional investors own 58.80% of the company’s stock.
Shares of Shopify Inc. (NYSE:SHOP) traded down 1.16% during mid-day trading on Friday, hitting $43.35. The stock had a trading volume of 627,837 shares. The stock’s 50-day moving average is $41.13 and its 200 day moving average is $32.54. The company’s market cap is $3.55 billion. Shopify Inc. has a 12 month low of $18.48 and a 12 month high of $45.20.
Shopify (NYSE:SHOP) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.04. The firm had revenue of $86.36 million for the quarter, compared to the consensus estimate of $80.62 million. Shopify had a negative return on equity of 14.67% and a negative net margin of 10.03%. The company’s quarterly revenue was up 92.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.03) earnings per share. On average, equities research analysts forecast that Shopify Inc. will post ($0.15) earnings per share for the current fiscal year.
Several brokerages have recently issued reports on SHOP. Macquarie set a $52.00 target price on Shopify and gave the company a “buy” rating in a research report on Wednesday, September 14th. Pacific Crest reaffirmed a “buy” rating on shares of Shopify in a research report on Monday, August 22nd. KeyCorp reaffirmed a “buy” rating and set a $43.00 target price (up from $40.00) on shares of Shopify in a research report on Monday, August 22nd. Credit Suisse Group AG reaffirmed an “outperform” rating and set a $46.00 target price on shares of Shopify in a research report on Thursday, August 18th. Finally, Bank of America Corp. began coverage on Shopify in a research report on Friday, August 12th. They set a “neutral” rating and a $44.00 target price for the company. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $39.51.
Shopify Company Profile
Shopify Inc is a provider of cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, social media storefronts, such as Facebook, Twitter and Pinterest, and physical retail locations.
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