Covenant Asset Management LLC Acquires 5,031 Shares of Shopify Inc (NYSE:SHOP) – Covington JournaleCommerce
Covenant Asset Management LLC increased its holdings in Shopify Inc (NYSE:SHOP) (TSE:SHOP) by 123.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,112 shares of the software maker’s stock after acquiring an additional 5,031 shares during the period. Shopify comprises approximately 1.4% of Covenant Asset Management LLC’s portfolio, making the stock its 16th biggest holding. Covenant Asset Management LLC’s holdings in Shopify were worth $2,840,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. New Capital Management LP bought a new position in shares of Shopify in the third quarter valued at approximately $31,000. Aperio Group LLC bought a new position in shares of Shopify in the second quarter valued at approximately $37,000. Advisors Preferred LLC bought a new position in shares of Shopify in the second quarter valued at approximately $39,000. Ropes Wealth Advisors LLC grew its holdings in shares of Shopify by 41.0% in the second quarter. Ropes Wealth Advisors LLC now owns 148 shares of the software maker’s stock valued at $44,000 after acquiring an additional 43 shares in the last quarter. Finally, Doyle Wealth Management bought a new position in shares of Shopify in the second quarter valued at approximately $44,000. 59.16% of the stock is owned by institutional investors.
Several equities analysts have recently issued reports on the company. Rosenblatt Securities upped their target price on Shopify from $410.00 to $481.00 and gave the company a “buy” rating in a report on Tuesday, August 27th. Mackie upped their target price on Shopify from $280.00 to $360.00 and gave the company a “buy” rating in a report on Monday, July 15th. Credit Suisse Group reaffirmed a “buy” rating and issued a $370.00 target price on shares of Shopify in a report on Wednesday, September 11th. CIBC set a $350.00 target price on Shopify and gave the company a “hold” rating in a report on Tuesday, October 8th. Finally, National Bank Financial set a $400.00 price objective on Shopify and gave the company a “buy” rating in a report on Tuesday, September 10th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and fifteen have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $341.67.
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Shares of NYSE SHOP opened at $314.34 on Friday. The stock has a fifty day simple moving average of $337.62 and a two-hundred day simple moving average of $303.67. Shopify Inc has a 1-year low of $117.64 and a 1-year high of $409.61. The firm has a market cap of $37.29 billion, a price-to-earnings ratio of -515.31 and a beta of 1.19. The company has a current ratio of 11.44, a quick ratio of 11.44 and a debt-to-equity ratio of 0.05.
Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Thursday, August 1st. The software maker reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.45. The firm had revenue of $361.98 million for the quarter, compared to the consensus estimate of $350.59 million. Shopify had a negative return on equity of 3.85% and a negative net margin of 5.98%. The business’s quarterly revenue was up 47.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.02 earnings per share. Analysts forecast that Shopify Inc will post -0.8 EPS for the current year.
Shopify Company Profile
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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