Oppenheimer & Co. Inc. trimmed its position in Shopify Inc (NYSE:SHOP) (TSE:SHOP) by 44.6% in the second quarter, Holdings Channel reports. The fund owned 1,596 shares of the software maker’s stock after selling 1,283 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Shopify were worth $479,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Coastal Investment Advisors Inc. increased its position in Shopify by 358.3% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 1,054 shares of the software maker’s stock valued at $316,000 after buying an additional 824 shares in the last quarter. Enlightenment Research LLC bought a new position in shares of Shopify in the second quarter worth $1,169,000. Weaver Consulting Group purchased a new stake in Shopify during the 1st quarter worth about $54,000. Baillie Gifford & Co. grew its stake in Shopify by 8.4% during the second quarter. Baillie Gifford & Co. now owns 6,418,913 shares of the software maker’s stock valued at $1,926,637,000 after acquiring an additional 498,874 shares in the last quarter. Finally, Atria Investments LLC increased its holdings in shares of Shopify by 56.5% in the second quarter. Atria Investments LLC now owns 7,150 shares of the software maker’s stock worth $262,000 after purchasing an additional 2,581 shares during the period. 59.63% of the stock is currently owned by institutional investors.
A number of equities research analysts have weighed in on the company. CSFB raised their price target on Shopify from $275.00 to $370.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. UBS Group increased their target price on Shopify from $295.00 to $395.00 and gave the company a “buy” rating in a report on Thursday, June 20th. Goldman Sachs Group started coverage on shares of Shopify in a report on Friday, June 7th. They issued a “neutral” rating and a $264.00 price target on the stock. KeyCorp increased their price objective on Shopify from $350.00 to $385.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Finally, Credit Suisse Group reaffirmed a “buy” rating and set a $370.00 price objective on shares of Shopify in a research report on Wednesday. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and fourteen have issued a buy rating to the company’s stock. Shopify has a consensus rating of “Hold” and a consensus price target of $334.92.
Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Thursday, August 1st. The software maker reported $0.14 EPS for the quarter, beating the consensus estimate of ($0.31) by $0.45. Shopify had a negative net margin of 5.98% and a negative return on equity of 3.85%. The company had revenue of $361.98 million for the quarter, compared to the consensus estimate of $350.59 million. During the same period in the prior year, the firm posted $0.02 EPS. The firm’s revenue was up 47.8% compared to the same quarter last year. Analysts expect that Shopify Inc will post -0.82 earnings per share for the current fiscal year.
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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