Kovack Advisors Inc. Purchases 39,867 Shares of Shopify Inc. $SHOP

Kovack Advisors Inc. lifted its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 311.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 52,668 shares of the software maker’s stock after acquiring an additional 39,867 shares during the period. Kovack Advisors Inc.’s holdings in Shopify were worth $8,478,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in SHOP. Brighton Jones LLC lifted its holdings in shares of Shopify by 2.8% during the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock valued at $2,252,000 after purchasing an additional 584 shares in the last quarter. AQR Capital Management LLC increased its holdings in Shopify by 107.3% in the 1st quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock worth $1,392,000 after buying an additional 7,544 shares in the last quarter. Sivia Capital Partners LLC increased its holdings in Shopify by 6.6% in the 2nd quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker’s stock worth $945,000 after buying an additional 506 shares in the last quarter. Osterweis Capital Management Inc. purchased a new position in Shopify in the 2nd quarter worth about $53,000. Finally, Main Street Financial Solutions LLC lifted its stake in Shopify by 15.3% during the 2nd quarter. Main Street Financial Solutions LLC now owns 11,131 shares of the software maker’s stock valued at $1,284,000 after acquiring an additional 1,479 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on SHOP shares. TD Securities upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $159.00 price target for the company in a research note on Thursday, February 12th. DA Davidson dropped their target price on shares of Shopify from $195.00 to $140.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $170.00 target price on shares of Shopify in a research report on Wednesday, May 6th. Phillip Securities raised Shopify from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 18th. Finally, Barclays set a $126.00 price target on Shopify and gave the stock an “equal weight” rating in a research note on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Shopify has an average rating of “Moderate Buy” and an average price target of $157.17.

Shopify Trading Up 2.1%

Shares of SHOP stock opened at $110.47 on Friday. Shopify Inc. has a 12 month low of $94.00 and a 12 month high of $182.19. The stock has a market cap of $143.35 billion, a P/E ratio of 109.38, a P/E/G ratio of 3.03 and a beta of 2.60. The company has a 50 day simple moving average of $114.20 and a two-hundred day simple moving average of $131.77.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Tuesday, May 5th. The software maker reported $999.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $998.78. The firm had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $3.08 billion. Shopify had a net margin of 10.77% and a return on equity of 12.07%. As a group, equities analysts forecast that Shopify Inc. will post 1.36 earnings per share for the current year.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.