Cetera Investment Advisers Takes $755,000 Position in Shopify Inc. (SHOP)
Cetera Investment Advisers acquired a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SH) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 8,650 shares of the software maker’s stock, valued at approximately $755,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. Seven Bridges Advisors LLC acquired a new position in shares of Shopify during the second quarter worth approximately $120,000. Advisory Services Network LLC boosted its position in shares of Shopify by 26.6% during the second quarter. Advisory Services Network LLC now owns 1,420 shares of the software maker’s stock worth $123,000 after buying an additional 298 shares during the period. FNY Partners Fund LP acquired a new position in shares of Shopify during the first quarter worth approximately $102,000. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Shopify during the second quarter worth approximately $135,000. Finally, SG Americas Securities LLC acquired a new position in shares of Shopify during the first quarter worth approximately $116,000. Institutional investors and hedge funds own 53.77% of the company’s stock.
Shares of Shopify Inc. (SHOP) traded down 0.13% during midday trading on Tuesday, hitting $96.85. The stock had a trading volume of 1,073,209 shares. The stock has a 50-day moving average of $111.70 and a 200 day moving average of $111.70. The stock’s market cap is $9.55 billion. Shopify Inc. has a 52 week low of $37.74 and a 52 week high of $123.94.
Shopify (NYSE:SHOP) (TSE:SH) last announced its quarterly earnings results on Tuesday, August 1st. The software maker reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.05. The company had revenue of $151.70 million for the quarter, compared to analysts’ expectations of $143.94 million. Shopify had a negative net margin of 8.96% and a negative return on equity of 8.26%. The business’s quarterly revenue was up 75.2% compared to the same quarter last year. During the same period last year, the firm posted ($0.04) earnings per share. Analysts anticipate that Shopify Inc. will post ($0.04) EPS for the current fiscal year.
SHOP has been the subject of several analyst reports. Vetr downgraded Shopify from a “strong-buy” rating to a “buy” rating and set a $101.99 price objective for the company. in a research report on Thursday, June 22nd. Stephens reiterated an “equal weight” rating and set a $97.00 price objective on shares of Shopify in a research report on Friday, June 23rd. SunTrust Banks, Inc. initiated coverage on Shopify in a research report on Monday, June 26th. They set a “hold” rating and a $90.00 price objective for the company. BidaskClub upgraded Shopify from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, June 27th. Finally, Robert W. Baird reiterated an “outperform” rating on shares of Shopify in a research report on Monday, July 3rd. One equities research analyst has rated the stock with a sell rating, eighteen have issued a hold rating and twenty have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $95.51.
Shopify Inc (Shopify) provides a cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company offers subscription solutions and merchant solutions. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts and marketplaces.
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