Kovack Advisors Inc. Purchases 4,287 Shares of Shopify Inc. $SHOP

Kovack Advisors Inc. boosted its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 81.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,550 shares of the software maker’s stock after acquiring an additional 4,287 shares during the quarter. Kovack Advisors Inc.’s holdings in Shopify were worth $1,102,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Family Legacy Financial Solutions LLC bought a new position in shares of Shopify during the second quarter valued at about $25,000. Tradewinds Capital Management LLC grew its stake in shares of Shopify by 71.4% during the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after buying an additional 100 shares during the last quarter. Coastline Trust Co bought a new position in shares of Shopify during the second quarter valued at about $29,000. Smithfield Trust Co grew its stake in shares of Shopify by 149.2% during the first quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock valued at $30,000 after buying an additional 188 shares during the last quarter. Finally, Dagco Inc. bought a new position in shares of Shopify during the first quarter valued at about $30,000. 69.27% of the stock is owned by institutional investors.

Shopify Trading Up 0.1%

Shopify stock opened at $173.86 on Friday. The firm has a 50-day moving average of $153.57 and a 200-day moving average of $127.27. The firm has a market cap of $225.96 billion, a P/E ratio of 97.13, a P/E/G ratio of 8.13 and a beta of 2.72. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping the consensus estimate of $0.29 by $0.06. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The business had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same period last year, the business posted $0.26 earnings per share. Shopify’s quarterly revenue was up 31.1% compared to the same quarter last year. Research analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SHOP. Royal Bank Of Canada raised their price objective on Shopify from $170.00 to $200.00 and gave the company an “outperform” rating in a research note on Friday, October 17th. JMP Securities raised their price objective on Shopify from $135.00 to $185.00 and gave the company a “market outperform” rating in a research note on Thursday, August 7th. Scotiabank reiterated a “sector perform” rating and set a $150.00 target price (up from $115.00) on shares of Shopify in a report on Thursday, August 7th. ATB Capital lowered shares of Shopify to a “sector perform” rating in a report on Thursday, August 7th. Finally, DA Davidson increased their target price on shares of Shopify from $125.00 to $185.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twenty-two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $155.35.

Shopify Company Profile

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.