State Street Corp increased its stake in ChannelAdvisor Corp (NYSE:ECOM) by 8.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 411,406 shares of the software maker’s stock after buying an additional 31,727 shares during the period. State Street Corp owned 1.56% of ChannelAdvisor worth $4,750,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Citigroup Inc. increased its stake in ChannelAdvisor by 166.6% in the 2nd quarter. Citigroup Inc. now owns 10,818 shares of the software maker’s stock worth $125,000 after buying an additional 6,760 shares during the period. Voya Investment Management LLC purchased a new position in ChannelAdvisor in the 2nd quarter worth about $136,000. Alliancebernstein L.P. purchased a new position in ChannelAdvisor in the 2nd quarter worth about $193,000. Wells Fargo & Company MN increased its position in ChannelAdvisor by 2.4% during the 2nd quarter. Wells Fargo & Company MN now owns 19,111 shares of the software maker’s stock valued at $220,000 after purchasing an additional 446 shares during the period. Finally, Rhumbline Advisers increased its position in ChannelAdvisor by 8.5% during the 2nd quarter. Rhumbline Advisers now owns 27,908 shares of the software maker’s stock valued at $322,000 after purchasing an additional 2,195 shares during the period. 81.72% of the stock is currently owned by institutional investors.
A number of research analysts have commented on ECOM shares. Stifel Nicolaus reissued a “buy” rating and set a $13.00 target price on shares of ChannelAdvisor in a research report on Friday, November 3rd. First Analysis raised shares of ChannelAdvisor from an “equal weight” rating to an “overweight” rating and set a $13.00 target price on the stock in a research report on Thursday, August 31st. KeyCorp reissued a “hold” rating on shares of ChannelAdvisor in a research report on Friday, August 25th. BidaskClub downgraded shares of ChannelAdvisor from a “hold” rating to a “sell” rating in a research report on Wednesday, September 27th. Finally, Needham & Company LLC reissued a “buy” rating and set a $18.00 target price on shares of ChannelAdvisor in a research report on Wednesday, November 1st. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. ChannelAdvisor presently has an average rating of “Hold” and a consensus target price of $14.13.
ChannelAdvisor (NYSE:ECOM) last posted its earnings results on Thursday, November 2nd. The software maker reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.02. ChannelAdvisor had a negative net margin of 8.54% and a negative return on equity of 9.48%. The business had revenue of $30.10 million for the quarter, compared to the consensus estimate of $30.08 million. During the same quarter last year, the firm posted ($0.12) EPS. The company’s revenue for the quarter was up 7.5% on a year-over-year basis. research analysts expect that ChannelAdvisor Corp will post -0.58 earnings per share for the current year.
In related news, Director Joseph L. Cowan bought 16,870 shares of the stock in a transaction that occurred on Tuesday, November 14th. The stock was bought at an average cost of $8.48 per share, for a total transaction of $143,057.60. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Mark Cook bought 10,000 shares of the stock in a transaction that occurred on Wednesday, November 8th. The stock was bought at an average price of $8.80 per share, with a total value of $88,000.00. Following the completion of the purchase, the chief financial officer now directly owns 153,445 shares in the company, valued at $1,350,316. The disclosure for this purchase can be found here. Insiders bought a total of 30,000 shares of company stock worth $257,913 over the last 90 days. Company insiders own 11.30% of the company’s stock.
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Channeladvisor Corporation is a provider of Software as a service (SaaS) solutions. The Company’s SaaS solutions enable retailer and branded manufacturer customers to integrate, manage and optimize their merchandise sales via hundreds of online channels. The Company’s platform enable its customers to connect with new and existing sources of demand for their products, including e-commerce marketplaces, such as Amazon, eBay, Jet.com, Newegg, Sears and Walmart, search engines and comparison shopping Websites, such as Google, Microsoft’s Bing and Nextag, and social channels, such as Facebook, Instagram and Pinterest.
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