JPMorgan Chase & Co. Sells 77,880 Shares of Shopify Inc. (SHOP)
JPMorgan Chase & Co. cut its stake in Shopify Inc. (NYSE:SHOP) by 6.8% during the second quarter, Holdings Channel reports. The institutional investor owned 1,069,289 shares of the company’s stock after selling 77,880 shares during the period. JPMorgan Chase & Co. owned approximately 1.31% of Shopify worth $32,891,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in SHOP. Amica Pension Fund Board of Trustees boosted its position in shares of Shopify by 80.0% in the second quarter. Amica Pension Fund Board of Trustees now owns 23,964 shares of the company’s stock valued at $737,000 after buying an additional 10,654 shares during the last quarter. Amica Retiree Medical Trust boosted its position in shares of Shopify by 80.9% in the second quarter. Amica Retiree Medical Trust now owns 3,695 shares of the company’s stock valued at $114,000 after buying an additional 1,652 shares during the last quarter. Stephens Investment Management Group LLC purchased a new position in shares of Shopify during the second quarter valued at approximately $13,921,000. CIBC World Markets Inc. boosted its position in shares of Shopify by 7.7% in the first quarter. CIBC World Markets Inc. now owns 11,967 shares of the company’s stock valued at $338,000 after buying an additional 855 shares during the last quarter. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new position in shares of Shopify during the second quarter valued at approximately $863,000. 63.23% of the stock is currently owned by institutional investors.
Shopify Inc. (NYSE:SHOP) traded up 3.9583% during trading on Monday, hitting $43.1323. 1,519,610 shares of the stock were exchanged. Shopify Inc. has a 1-year low of $18.48 and a 1-year high of $44.87. The firm’s 50 day moving average price is $39.26 and its 200-day moving average price is $31.59. The stock’s market cap is $3.53 billion.
Shopify (NYSE:SHOP) last posted its earnings results on Wednesday, August 3rd. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.04. Shopify had a negative return on equity of 14.67% and a negative net margin of 10.03%. The business earned $86.36 million during the quarter, compared to analysts’ expectations of $80.62 million. During the same period in the prior year, the business earned ($0.03) EPS. Shopify’s revenue for the quarter was up 92.9% compared to the same quarter last year. On average, analysts anticipate that Shopify Inc. will post ($0.15) EPS for the current year.
SHOP has been the subject of several recent analyst reports. KeyCorp reiterated a “buy” rating and issued a $37.00 target price on shares of Shopify in a report on Wednesday, June 29th. Monness Crespi & Hardt raised their price target on shares of Shopify from $35.00 to $39.00 and gave the stock a “buy” rating in a report on Wednesday, August 3rd. Canaccord Genuity restated a “buy” rating and set a $38.00 price target on shares of Shopify in a report on Thursday, May 26th. Royal Bank Of Canada restated an “outperform” rating and set a $37.00 price target on shares of Shopify in a report on Wednesday, July 27th. Finally, RBC Capital Markets restated an “outperform” rating and set a $42.00 price target (up from $37.00) on shares of Shopify in a report on Thursday, August 4th. One research analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. Shopify presently has a consensus rating of “Buy” and a consensus target price of $39.51.
Shopify Inc is a provider of cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, social media storefronts, such as Facebook, Twitter and Pinterest, and physical retail locations.
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