Raymond James Financial Services Advisors Inc. Grows Position in Shopify Inc. (SHOP)

Raymond James Financial Services Advisors Inc. boosted its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SH) by 157.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 65,926 shares of the software maker’s stock after purchasing an additional 40,273 shares during the quarter. Raymond James Financial Services Advisors Inc. owned about 0.07% of Shopify worth $5,729,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Nadler Financial Group Inc. raised its position in Shopify by 0.9% during the 2nd quarter. Nadler Financial Group Inc. now owns 3,033 shares of the software maker’s stock worth $264,000 after buying an additional 28 shares during the last quarter. Private Advisory Group LLC increased its holdings in shares of Shopify by 3.9% in the 2nd quarter. Private Advisory Group LLC now owns 4,391 shares of the software maker’s stock valued at $382,000 after purchasing an additional 164 shares in the last quarter. Tocqueville Asset Management L.P. increased its holdings in shares of Shopify by 2.1% in the 2nd quarter. Tocqueville Asset Management L.P. now owns 19,200 shares of the software maker’s stock valued at $1,668,000 after purchasing an additional 400 shares in the last quarter. State of Tennessee Treasury Department increased its holdings in shares of Shopify by 1.2% in the 2nd quarter. State of Tennessee Treasury Department now owns 46,703 shares of the software maker’s stock valued at $4,058,000 after purchasing an additional 550 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its holdings in shares of Shopify by 6.9% in the 2nd quarter. Janney Montgomery Scott LLC now owns 9,001 shares of the software maker’s stock valued at $782,000 after purchasing an additional 581 shares in the last quarter. Hedge funds and other institutional investors own 53.77% of the company’s stock.

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Shopify Inc. (NYSE SHOP) traded up 0.599% during trading on Friday, reaching $94.925. The company’s stock had a trading volume of 357,883 shares. The stock’s 50 day moving average is $112.43 and its 200-day moving average is $112.43. The firm’s market cap is $9.36 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 released its quarterly earnings results on Tuesday, August 1st. The software maker reported ($0.15) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.20) by $0.05. The company had revenue of $151.70 million for the quarter, compared to analyst estimates of $143.94 million. Shopify had a negative return on equity of 8.26% and a negative net margin of 8.96%. Shopify’s revenue was up 75.2% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.04) earnings per share. On average, equities research analysts forecast that Shopify Inc. will post ($0.04) earnings per share for the current fiscal year.

A number of equities analysts have recently issued reports on the stock. KeyCorp set a $116.00 price target on shares of Shopify and gave the company a “buy” rating in a report on Wednesday. Royal Bank Of Canada reiterated a “hold” rating and issued a $99.00 price target on shares of Shopify in a report on Tuesday. Piper Jaffray Companies reiterated a “buy” rating and issued a $110.00 price target on shares of Shopify in a report on Friday, October 6th. Morgan Stanley reiterated an “equal weight” rating and issued a $109.00 price target on shares of Shopify in a report on Friday, October 6th. Finally, BidaskClub downgraded shares of Shopify from a “strong-buy” rating to a “buy” rating in a report on Friday, October 6th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and twenty-one have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $95.51.

Shopify Profile

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.

Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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