Koshinski Asset Management Inc. Makes New Investment in Shopify Inc (NYSE:SHOP)

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Koshinski Asset Management Inc. purchased a new stake in Shopify Inc (NYSE:SHOP) (TSE:SHOP) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 702 shares of the software maker’s stock, valued at approximately $666,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Cetera Advisor Networks LLC grew its position in shares of Shopify by 0.5% during the first quarter. Cetera Advisor Networks LLC now owns 2,707 shares of the software maker’s stock worth $1,129,000 after buying an additional 14 shares in the last quarter. Baldwin Investment Management LLC lifted its stake in Shopify by 1.1% in the first quarter. Baldwin Investment Management LLC now owns 1,516 shares of the software maker’s stock worth $632,000 after acquiring an additional 16 shares during the last quarter. New Capital Management LP grew its holdings in Shopify by 180.0% during the 2nd quarter. New Capital Management LP now owns 28 shares of the software maker’s stock worth $27,000 after acquiring an additional 18 shares in the last quarter. Asset Dedication LLC grew its holdings in Shopify by 20.0% during the 1st quarter. Asset Dedication LLC now owns 120 shares of the software maker’s stock worth $50,000 after acquiring an additional 20 shares in the last quarter. Finally, Osborn Williams & Donohoe LLC increased its position in shares of Shopify by 4.0% in the 1st quarter. Osborn Williams & Donohoe LLC now owns 525 shares of the software maker’s stock valued at $219,000 after purchasing an additional 20 shares during the last quarter. Institutional investors and hedge funds own 60.17% of the company’s stock.

Shares of NYSE:SHOP opened at $1,024.00 on Friday. Shopify Inc has a fifty-two week low of $282.08 and a fifty-two week high of $1,107.92. The firm’s 50-day simple moving average is $935.14 and its 200-day simple moving average is $641.42. The company has a market cap of $120.08 billion, a price-to-earnings ratio of 14,628.57 and a beta of 1.61.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, July 29th. The software maker reported $1.05 EPS for the quarter, beating the consensus estimate of $0.01 by $1.04. Shopify had a positive return on equity of 0.32% and a negative net margin of 3.25%. The business had revenue of $714.34 million during the quarter, compared to analysts’ expectations of $511.56 million. During the same period last year, the firm earned $0.10 EPS. The company’s quarterly revenue was up 97.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Shopify Inc will post -1.56 earnings per share for the current fiscal year.

A number of equities analysts recently commented on SHOP shares. Pi Financial reiterated a “buy” rating and set a $830.00 target price on shares of Shopify in a research note on Monday, May 4th. Credit Suisse Group increased their price objective on Shopify from $700.00 to $850.00 and gave the company a “neutral” rating in a report on Thursday, July 23rd. Citigroup raised their target price on Shopify from $998.00 to $1,200.00 and gave the stock a “neutral” rating in a research report on Thursday. Goldman Sachs Group raised Shopify from a “neutral” rating to a “buy” rating and set a $1,127.00 price target for the company in a report on Tuesday, July 28th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $1,400.00 price objective (up previously from $860.00) on shares of Shopify in a report on Thursday. Two analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $927.71.

About Shopify

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, 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, ship orders, build customer relationships, leverage analytics and reporting, and access financing.

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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