AdvisorNet Financial Inc Raises Stock Holdings in Shopify Inc. (NYSE:SHOP)

AdvisorNet Financial Inc increased its stake in shares of Shopify Inc. (NYSE:SHOPGet Rating) (TSE:SHOP) by 1,091.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,660 shares of the software maker’s stock after purchasing an additional 6,101 shares during the quarter. AdvisorNet Financial Inc’s holdings in Shopify were worth $208,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Farmers Trust Co. increased its position in Shopify by 2.1% during the 1st quarter. Farmers Trust Co. now owns 735 shares of the software maker’s stock valued at $497,000 after buying an additional 15 shares in the last quarter. Camden Capital LLC increased its position in Shopify by 0.7% during the 4th quarter. Camden Capital LLC now owns 2,560 shares of the software maker’s stock valued at $3,526,000 after buying an additional 19 shares in the last quarter. Western Pacific Wealth Management LP acquired a new position in Shopify during the 4th quarter valued at about $26,000. Evergreen Capital Management LLC increased its position in Shopify by 4.9% during the 4th quarter. Evergreen Capital Management LLC now owns 406 shares of the software maker’s stock valued at $559,000 after buying an additional 19 shares in the last quarter. Finally, O Dell Group LLC increased its position in Shopify by 11.3% during the 4th quarter. O Dell Group LLC now owns 197 shares of the software maker’s stock valued at $271,000 after buying an additional 20 shares in the last quarter. 54.64% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SHOP has been the topic of several recent analyst reports. Oppenheimer reaffirmed an “outperform” rating and set a $45.00 target price (down from $50.00) on shares of Shopify in a research report on Wednesday, July 27th. Sumitomo Mitsui Financial Group cut their price objective on Shopify from $53.00 to $40.00 and set an “outperform” rating on the stock in a report on Thursday, July 28th. Wells Fargo & Company cut their price objective on Shopify from $43.00 to $38.00 and set an “overweight” rating on the stock in a report on Thursday, September 8th. Atlantic Securities raised Shopify from a “neutral” rating to an “overweight” rating and set a $46.00 price objective on the stock in a report on Thursday, August 11th. Finally, TheStreet lowered Shopify from a “c” rating to a “d+” rating in a report on Tuesday, May 24th. Two research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and nineteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $72.18.

Shopify Stock Performance

Shares of SHOP stock opened at $30.95 on Wednesday. The business’s 50 day moving average is $34.95 and its two-hundred day moving average is $44.85. The company has a current ratio of 11.17, a quick ratio of 11.17 and a debt-to-equity ratio of 0.10. Shopify Inc. has a 12-month low of $29.07 and a 12-month high of $176.29.

Shopify (NYSE:SHOPGet Rating) (TSE:SHOP) last issued its quarterly earnings results on Wednesday, July 27th. The software maker reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.04). The business had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Shopify had a negative return on equity of 1.61% and a negative net margin of 38.01%. On average, equities analysts expect that Shopify Inc. will post -0.45 earnings per share for the current fiscal year.

About Shopify

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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.

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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