Millennium Management LLC boosted its stake in shares of ChannelAdvisor Corp (NYSE:ECOM) by 157.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 275,386 shares of the software maker’s stock after purchasing an additional 168,252 shares during the quarter. Millennium Management LLC owned about 1.01% of ChannelAdvisor worth $3,869,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in ECOM. Russell Investments Group Ltd. boosted its position in shares of ChannelAdvisor by 113.5% in the first quarter. Russell Investments Group Ltd. now owns 12,990 shares of the software maker’s stock valued at $118,000 after acquiring an additional 6,905 shares during the period. Engineers Gate Manager LP bought a new stake in shares of ChannelAdvisor in the second quarter valued at approximately $166,000. Cubist Systematic Strategies LLC boosted its position in shares of ChannelAdvisor by 51.4% in the second quarter. Cubist Systematic Strategies LLC now owns 14,645 shares of the software maker’s stock valued at $206,000 after acquiring an additional 4,975 shares during the period. Strs Ohio bought a new stake in shares of ChannelAdvisor in the second quarter valued at approximately $331,000. Finally, Rhumbline Advisers boosted its position in shares of ChannelAdvisor by 40.4% in the second quarter. Rhumbline Advisers now owns 32,176 shares of the software maker’s stock valued at $452,000 after acquiring an additional 9,262 shares during the period. 73.12% of the stock is owned by hedge funds and other institutional investors.
ECOM opened at $12.12 on Friday. ChannelAdvisor Corp has a 1-year low of $8.30 and a 1-year high of $15.63. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.83 and a current ratio of 1.83.
ChannelAdvisor (NYSE:ECOM) last posted its quarterly earnings data on Thursday, August 9th. The software maker reported ($0.10) earnings per share for the quarter, meeting the consensus estimate of ($0.10). ChannelAdvisor had a negative return on equity of 12.48% and a negative net margin of 8.13%. The company had revenue of $32.66 million during the quarter, compared to analysts’ expectations of $31.46 million. During the same period in the prior year, the business earned ($0.15) earnings per share. ChannelAdvisor’s revenue for the quarter was up 8.9% compared to the same quarter last year. As a group, equities research analysts anticipate that ChannelAdvisor Corp will post -0.34 EPS for the current fiscal year.
Several equities research analysts have recently weighed in on the company. ValuEngine cut ChannelAdvisor from a “buy” rating to a “hold” rating in a research report on Thursday, August 23rd. Zacks Investment Research cut ChannelAdvisor from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 10th. B. Riley set a $18.00 price objective on ChannelAdvisor and gave the company a “buy” rating in a research report on Friday, August 10th. Finally, Needham & Company LLC increased their price objective on ChannelAdvisor from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Friday, August 10th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $15.86.
In related news, insider M Scot Wingo sold 4,700 shares of the company’s stock in a transaction on Tuesday, October 16th. The stock was sold at an average price of $12.06, for a total value of $56,682.00. Following the completion of the transaction, the insider now directly owns 648,971 shares in the company, valued at $7,826,590.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 60,192 shares of company stock valued at $783,478 over the last 90 days. 7.80% of the stock is currently owned by corporate insiders.
ChannelAdvisor Corporation provides software-as-a-service solutions in the United States and internationally. Its e-commerce cloud platform helps retailers and branded manufacturers to improve their online performance by expanding sales channels, connecting with consumers around the world, optimizing their operations for peak performance, and providing actionable analytics to improve competitiveness.
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