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Sonora Investment Management LLC Takes Position in Shopify Inc. (NYSE:SHOP)
January 13th, 2021 - By Renee Jackson - Comments Off on Sonora Investment Management LLC Takes Position in Shopify Inc. (NYSE:SHOP)
Sonora Investment Management LLC acquired a new stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 50 shares of the software maker's stock, valued at approximately $57,000.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Harrington Investments INC raised its position in shares of Shopify by 1.9% during the fourth quarter. Harrington Investments INC now owns 489 shares of the software maker's stock valued at $554,000 after buying an additional 9 shares during the last quarter. OneAscent Financial Services LLC raised its position in Shopify by 13.3% in the fourth quarter. OneAscent Financial Services LLC now owns 978 shares of the software maker's stock worth $1,107,000 after purchasing an additional 115 shares in the last quarter. Livingston Group Asset Management CO operating as Southport Capital Management acquired a new position in Shopify in the fourth quarter worth about $206,000. Sowell Financial Services LLC raised its position in Shopify by 186.2% in the fourth quarter. Sowell Financial Services LLC now owns 3,769 shares of the software maker's stock worth $4,266,000 after purchasing an additional 2,452 shares in the last quarter. Finally, Arlington Partners LLC acquired a new position in Shopify in the fourth quarter worth about $40,000. 59.45% of the stock is owned by institutional investors and hedge funds.
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Several research firms recently issued reports on SHOP. 140166 began coverage on shares of Shopify in a research report on Wednesday, December 2nd. They issued a "neutral" rating and a $950.00 price target for the company. Morgan Stanley raised their price objective on shares of Shopify from $970.00 to $1,050.00 and gave the stock an "equal weight" rating in a report on Friday, October 30th. BidaskClub lowered shares of Shopify from a "strong-buy" rating to a "buy" rating in a report on Wednesday, January 6th. Zacks Investment Research raised shares of Shopify from a "hold" rating to a "strong-buy" rating and set a $1,319.00 price objective for the company in a report on Tuesday, December 29th. Finally, Wedbush raised shares of Shopify from a "neutral" rating to an "outperform" rating and raised their price objective for the stock from $998.00 to $1,300.00 in a report on Wednesday, September 30th. Two research analysts have rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of "Hold" and a consensus price target of $1,058.93.
Shares of SHOP traded up $11.58 during trading hours on Wednesday, reaching $1,199.82. The stock had a trading volume of 688,974 shares, compared to its average volume of 1,160,058. Shopify Inc. has a 52 week low of $305.30 and a 52 week high of $1,285.19. The firm has a 50-day moving average of $1,124.13 and a 200 day moving average of $1,028.47. The company has a market cap of $146.27 billion, a P/E ratio of -1,966.89, a P/E/G ratio of 96.18 and a beta of 1.48.
Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Thursday, October 29th. The software maker reported $1.13 EPS for the quarter, beating the Zacks' consensus estimate of ($0.08) by $1.21. Shopify had a negative net margin of 3.25% and a positive return on equity of 0.32%. The business had revenue of $767.40 million during the quarter, compared to analysts' expectations of $652.60 million. During the same quarter in the prior year, the company earned ($0.29) EPS. The firm's quarterly revenue was up 96.5% on a year-over-year basis. Equities analysts forecast that Shopify Inc. will post 0.34 earnings per share for the current year.
Shopify Inc, a commerce company, provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in Canada, the United States, the United Kingdom, 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, fulfill and ship orders, build customer relationships, source products, leverage analytics and reporting, and access financing.
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