Cresset Asset Management LLC boosted its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 0.7% during the 2nd quarter, Holdings Channel reports. The fund owned 3,266 shares of the software maker’s stock after buying an additional 23 shares during the period. Cresset Asset Management LLC’s holdings in Shopify were worth $4,772,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Atlas Private Wealth Advisors bought a new position in Shopify in the second quarter worth approximately $37,000. JNBA Financial Advisors bought a new position in Shopify in the second quarter worth approximately $37,000. Selective Wealth Management Inc. bought a new position in Shopify in the second quarter worth approximately $37,000. Stonebridge Capital Advisors LLC bought a new position in Shopify in the first quarter worth approximately $30,000. Finally, Key Financial Inc lifted its holdings in shares of Shopify by 285.7% in the second quarter. Key Financial Inc now owns 27 shares of the software maker’s stock valued at $41,000 after purchasing an additional 20 shares in the last quarter. Institutional investors and hedge funds own 60.06% of the company’s stock.
A number of research analysts have recently weighed in on SHOP shares. Robert W. Baird raised their target price on Shopify from $1,550.00 to $1,700.00 and gave the company an “outperform” rating in a report on Thursday, July 29th. Jefferies Financial Group raised their target price on Shopify from $1,675.00 to $1,800.00 and gave the company a “buy” rating in a report on Wednesday, July 28th. KeyCorp raised their target price on Shopify from $1,650.00 to $1,750.00 and gave the company an “overweight” rating in a report on Wednesday, July 28th. Morgan Stanley raised their target price on Shopify from $1,400.00 to $1,500.00 and gave the company an “equal weight” rating in a report on Thursday, July 29th. Finally, Guggenheim reaffirmed a “hold” rating on shares of Shopify in a research report on Friday, August 27th. Eleven analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $1,635.53.
Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, July 28th. The software maker reported $2.24 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $2.01. The company had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Shopify had a return on equity of 7.15% and a net margin of 63.65%. On average, sell-side analysts predict that Shopify Inc. will post 2.08 EPS for the current year.
Shopify Company Profile
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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