Amundi Pioneer Asset Management Inc. raised its stake in Shopify Inc (NYSE:SHOP) (TSE:SHOP) by 13.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 178,059 shares of the software maker’s stock after buying an additional 21,533 shares during the period. Amundi Pioneer Asset Management Inc. owned approximately 0.17% of Shopify worth $24,653,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of SHOP. Cipher Capital LP purchased a new position in shares of Shopify during the 4th quarter worth approximately $1,290,000. Financial Advocates Investment Management increased its stake in shares of Shopify by 4.2% during the 4th quarter. Financial Advocates Investment Management now owns 3,873 shares of the software maker’s stock worth $561,000 after purchasing an additional 155 shares in the last quarter. Nuveen Asset Management LLC purchased a new position in shares of Shopify during the 4th quarter worth approximately $5,425,000. Candriam Luxembourg S.C.A. increased its stake in shares of Shopify by 24.3% during the 4th quarter. Candriam Luxembourg S.C.A. now owns 2,074 shares of the software maker’s stock worth $287,000 after purchasing an additional 405 shares in the last quarter. Finally, MML Investors Services LLC increased its stake in shares of Shopify by 2.2% during the 4th quarter. MML Investors Services LLC now owns 16,316 shares of the software maker’s stock worth $2,259,000 after purchasing an additional 359 shares in the last quarter. 66.55% of the stock is owned by institutional investors.
SHOP has been the subject of a number of recent research reports. Wells Fargo & Co initiated coverage on shares of Shopify in a research note on Tuesday, December 18th. They set an “outperform” rating and a $175.00 price objective for the company. DA Davidson raised shares of Shopify from a “neutral” rating to a “buy” rating and set a $150.00 price objective for the company in a research note on Friday, December 21st. Zacks Investment Research cut shares of Shopify from a “hold” rating to a “sell” rating in a research note on Thursday, January 3rd. Wedbush reissued an “outperform” rating and set a $177.00 price objective on shares of Shopify in a research note on Monday, January 28th. Finally, Royal Bank of Canada raised their price objective on shares of Shopify from $159.00 to $180.00 and gave the stock a “sector perform” rating in a research note on Monday, February 11th. One research analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $186.15.
Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, February 12th. The software maker reported $0.26 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.06) by $0.32. The firm had revenue of $344.00 million during the quarter, compared to analysts’ expectations of $327.45 million. Shopify had a negative net margin of 6.01% and a negative return on equity of 3.52%. Shopify’s revenue for the quarter was up 54.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.15 EPS. As a group, sell-side analysts expect that Shopify Inc will post -0.93 EPS for the current year.
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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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