B. Riley Wealth Advisors Inc. raised its stake in shares of Shopify Inc. (NYSE:SHOP – Get Rating) (TSE:SHOP) by 72.0% during the 3rd quarter, Holdings Channel.com reports. The fund owned 54,774 shares of the software maker’s stock after acquiring an additional 22,935 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in Shopify were worth $1,476,000 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. Trust Co. of Vermont lifted its stake in Shopify by 950.0% during the 3rd quarter. Trust Co. of Vermont now owns 1,050 shares of the software maker’s stock valued at $28,000 after acquiring an additional 950 shares in the last quarter. Pinnacle Financial Partners Inc. purchased a new stake in shares of Shopify during the 3rd quarter valued at $28,000. Jones Financial Companies Lllp purchased a new stake in shares of Shopify during the 3rd quarter valued at $28,000. Mach 1 Financial Group LLC purchased a new stake in shares of Shopify during the 3rd quarter valued at $28,000. Finally, Spence Asset Management purchased a new stake in shares of Shopify during the 3rd quarter valued at $29,000. 56.31% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on SHOP. Stifel Nicolaus began coverage on Shopify in a research report on Friday. They set a “hold” rating and a $45.00 target price for the company. Roth Capital raised Shopify from a “neutral” rating to a “buy” rating and raised their target price for the company from $38.00 to $56.00 in a research report on Monday, January 30th. William Blair reaffirmed an “outperform” rating on shares of Shopify in a research report on Wednesday, January 25th. DA Davidson raised Shopify from a “neutral” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Tuesday, February 21st. Finally, The Goldman Sachs Group lifted their price objective on Shopify from $36.00 to $40.00 and gave the stock a “neutral” rating in a report on Thursday, February 16th. Three research analysts have rated the stock with a sell rating, nineteen have given a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $47.38.
Shopify Stock Performance
Shopify (NYSE:SHOP – Get Rating) (TSE:SHOP) last issued its quarterly earnings results on Wednesday, February 15th. The software maker reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.10. The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.64 billion. Shopify had a negative return on equity of 5.62% and a negative net margin of 61.79%. As a group, equities analysts forecast that Shopify Inc. will post -0.48 earnings per share for the current fiscal year.
Shopify, Inc operates a cloud-based commerce platform designed for small and medium-sized businesses. Its software is used by merchants to run business across all sales channels, including web, tablet and mobile storefronts, social media storefronts, and brick-and-mortar and pop-up shops. The firm’s platform provides merchants with a single view of business and customers and enables them to manage products and inventory, process orders and payments, build customer relationships and leverage analytics and reporting.
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