Russell Investments Group Ltd. increased its holdings in shares of Shopify Inc (NYSE:SHOP) (TSE:SHOP) by 31.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 138,905 shares of the software maker’s stock after buying an additional 33,149 shares during the quarter. Russell Investments Group Ltd.’s holdings in Shopify were worth $22,823,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also made changes to their positions in SHOP. Resources Investment Advisors Inc. grew its stake in Shopify by 10,257.1% during the 2nd quarter. Resources Investment Advisors Inc. now owns 725 shares of the software maker’s stock valued at $106,000 after purchasing an additional 718 shares during the last quarter. Shine Investment Advisory Services Inc. purchased a new stake in Shopify during the 2nd quarter valued at about $159,000. Captrust Financial Advisors grew its stake in Shopify by 643.3% during the 2nd quarter. Captrust Financial Advisors now owns 1,115 shares of the software maker’s stock valued at $163,000 after purchasing an additional 965 shares during the last quarter. Parallel Advisors LLC grew its stake in Shopify by 839.7% during the 2nd quarter. Parallel Advisors LLC now owns 1,278 shares of the software maker’s stock valued at $186,000 after purchasing an additional 1,142 shares during the last quarter. Finally, DORCHESTER WEALTH MANAGEMENT Co purchased a new stake in Shopify during the 3rd quarter valued at about $217,000. Hedge funds and other institutional investors own 60.59% of the company’s stock.
Shares of SHOP opened at $141.03 on Tuesday. Shopify Inc has a 52 week low of $92.41 and a 52 week high of $176.60. The company has a current ratio of 11.82, a quick ratio of 11.82 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $15.48 billion, a PE ratio of -335.81 and a beta of 1.40.
Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Thursday, October 25th. The software maker reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.34. Shopify had a negative return on equity of 4.26% and a negative net margin of 6.93%. The firm had revenue of $270.06 million for the quarter, compared to the consensus estimate of $257.17 million. On average, research analysts predict that Shopify Inc will post -0.63 EPS for the current fiscal year.
SHOP has been the topic of several research analyst reports. Jefferies Financial Group initiated coverage on Shopify in a research note on Monday, October 1st. They set a “hold” rating and a $175.00 price target on the stock. National Bank Financial boosted their price target on Shopify from $160.00 to $180.00 and gave the company a “$173.26” rating in a research note on Monday, July 23rd. Rosenblatt Securities initiated coverage on Shopify in a research note on Tuesday, September 4th. They set a “buy” rating and a $188.00 price target on the stock. Barclays dropped their price target on Shopify from $155.00 to $145.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 1st. They noted that the move was a valuation call. Finally, Wedbush initiated coverage on Shopify in a research note on Thursday, September 13th. They set an “outperform” rating and a $177.00 price target on the stock. Seven analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $166.59.
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Shopify Company Profile
Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in Canada, the United States, the United Kingdom, 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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