Shopify Inc. (NYSE:SHOP) Shares Purchased by Confluence Investment Management LLC

Confluence Investment Management LLC grew its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,265 shares of the software maker’s stock after acquiring an additional 207 shares during the quarter. Confluence Investment Management LLC’s holdings in Shopify were worth $612,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. EverSource Wealth Advisors LLC raised its position in shares of Shopify by 73.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,439 shares of the software maker’s stock valued at $171,000 after acquiring an additional 1,032 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its stake in Shopify by 5.8% during the first quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock valued at $40,838,000 after buying an additional 28,639 shares in the last quarter. Cambridge Trust Co. boosted its stake in Shopify by 390.4% during the first quarter. Cambridge Trust Co. now owns 1,790 shares of the software maker’s stock valued at $138,000 after buying an additional 1,425 shares in the last quarter. EULAV Asset Management boosted its stake in Shopify by 17.6% during the first quarter. EULAV Asset Management now owns 120,000 shares of the software maker’s stock valued at $9,260,000 after buying an additional 18,000 shares in the last quarter. Finally, Soltis Investment Advisors LLC boosted its position in shares of Shopify by 16.7% in the 1st quarter. Soltis Investment Advisors LLC now owns 4,238 shares of the software maker’s stock valued at $327,000 after purchasing an additional 607 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on SHOP shares. KeyCorp began coverage on Shopify in a research note on Thursday, July 25th. They issued an “overweight” rating and a $80.00 price objective for the company. Wells Fargo & Company cut their price objective on Shopify from $85.00 to $75.00 and set an “overweight” rating on the stock in a research note on Thursday, May 9th. Moffett Nathanson lowered Shopify from a “buy” rating to a “neutral” rating and lowered their target price for the company from $74.00 to $65.00 in a report on Thursday, June 6th. The Goldman Sachs Group lifted their price objective on Shopify from $67.00 to $74.00 and gave the stock a “buy” rating in a report on Tuesday, May 28th. Finally, JMP Securities raised Shopify from a “market perform” rating to an “outperform” rating and set a $80.00 price target on the stock in a research note on Thursday, May 9th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and twenty-three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $77.62.

Shopify Trading Down 3.1 %

Shares of NYSE SHOP traded down $1.68 during midday trading on Monday, reaching $52.75. 7,710,300 shares of the stock were exchanged, compared to its average volume of 9,976,506. The stock has a 50 day moving average price of $63.09 and a 200-day moving average price of $70.45. The company has a current ratio of 7.14, a quick ratio of 7.14 and a debt-to-equity ratio of 0.10. Shopify Inc. has a 52-week low of $45.50 and a 52-week high of $91.57. The company has a market capitalization of $67.98 billion, a P/E ratio of -307.18, a P/E/G ratio of 3.36 and a beta of 2.30.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, May 8th. The software maker reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.04. The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.84 billion. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. Equities research analysts expect that Shopify Inc. will post 0.62 earnings per share for the current fiscal year.

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.