Shopify Inc. (SHOP) Shares Bought by Wells Fargo & Company MN

Wells Fargo & Company MN raised its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SH) by 62.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 70,538 shares of the software maker’s stock after purchasing an additional 27,041 shares during the quarter. Wells Fargo & Company MN owned approximately 0.07% of Shopify worth $6,130,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Renaissance Technologies LLC increased its position in Shopify by 4.7% during the 1st quarter. Renaissance Technologies LLC now owns 1,347,000 shares of the software maker’s stock valued at $91,732,000 after purchasing an additional 61,000 shares during the period. Scge Management L.P. increased its position in Shopify by 16.7% during the 1st quarter. Scge Management L.P. now owns 1,015,000 shares of the software maker’s stock valued at $69,111,000 after purchasing an additional 145,000 shares during the period. Morgan Stanley increased its position in Shopify by 117.8% during the 1st quarter. Morgan Stanley now owns 643,902 shares of the software maker’s stock valued at $43,843,000 after purchasing an additional 348,254 shares during the period. TD Asset Management Inc. increased its position in Shopify by 96.7% during the 2nd quarter. TD Asset Management Inc. now owns 607,330 shares of the software maker’s stock valued at $52,657,000 after purchasing an additional 298,510 shares during the period. Finally, Federated Investors Inc. PA increased its position in Shopify by 33.6% during the 2nd quarter. Federated Investors Inc. PA now owns 516,700 shares of the software maker’s stock valued at $44,901,000 after purchasing an additional 130,000 shares during the period. 53.77% of the stock is currently owned by institutional investors and hedge funds.

SHOP has been the topic of a number of recent research reports. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $99.00 target price on shares of Shopify in a research report on Tuesday. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $110.00 target price on shares of Shopify in a research report on Friday, October 6th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $109.00 target price on shares of Shopify in a research report on Friday, October 6th. BidaskClub downgraded shares of Shopify from a “strong-buy” rating to a “buy” rating in a research report on Friday, October 6th. Finally, Robert W. Baird reaffirmed an “outperform” rating and issued a $110.00 target price on shares of Shopify in a research report on Thursday, October 5th. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and twenty-one have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $95.51.

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Shopify Inc. (SHOP) opened at 92.57 on Wednesday. The firm’s 50-day moving average is $114.04 and its 200 day moving average is $114.04. Shopify Inc. has a 1-year low of $37.74 and a 1-year high of $123.94. The company’s market cap is $9.12 billion.

Shopify (NYSE:SHOP) (TSE:SH) last issued its quarterly earnings results on Tuesday, August 1st. The software maker reported ($0.15) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.20) by $0.05. Shopify had a negative return on equity of 8.26% and a negative net margin of 8.96%. The business had revenue of $151.70 million for the quarter, compared to analyst estimates of $143.94 million. During the same quarter in the previous year, the firm earned ($0.04) earnings per share. The company’s revenue was up 75.2% on a year-over-year basis. Analysts predict that Shopify Inc. will post ($0.04) earnings per share for the current fiscal year.

Shopify Company 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.

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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