Thurston Springer Miller Herd & Titak Inc. Makes New $39,000 Investment in Shopify Inc. (NYSE:SHOP)

Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the second quarter, Holdings Channel.com reports. The fund purchased 591 shares of the software maker’s stock, valued at approximately $39,000.

Several other institutional investors have also recently made changes to their positions in SHOP. Norden Group LLC purchased a new position in Shopify during the first quarter worth about $3,618,000. Silvercrest Asset Management Group LLC raised its stake in shares of Shopify by 735.0% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock valued at $4,084,000 after acquiring an additional 46,589 shares during the period. DekaBank Deutsche Girozentrale lifted its holdings in shares of Shopify by 5.8% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock worth $40,838,000 after acquiring an additional 28,639 shares during the last quarter. FIL Ltd boosted its position in shares of Shopify by 1.8% during the 4th quarter. FIL Ltd now owns 13,303,001 shares of the software maker’s stock worth $1,035,688,000 after purchasing an additional 238,596 shares during the period. Finally, Asset Management One Co. Ltd. boosted its position in shares of Shopify by 4,007.4% during the fourth quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker’s stock worth $2,807,000 after buying an additional 34,624 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on SHOP shares. JMP Securities upgraded shares of 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. TD Securities reduced their target price on shares of Shopify from $80.00 to $72.00 and set a “hold” rating on the stock in a report on Thursday, May 9th. KeyCorp began coverage on shares of Shopify in a research note on Thursday, July 25th. They issued an “overweight” rating and a $80.00 price target for the company. Moffett Nathanson cut Shopify from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $74.00 to $65.00 in a research note on Thursday, June 6th. Finally, Piper Sandler boosted their target price on Shopify from $63.00 to $67.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and twenty-three have issued a buy rating to the stock. According to data from MarketBeat, Shopify has a consensus rating of “Moderate Buy” and a consensus target price of $76.68.

Shopify Stock Performance

Shares of SHOP stock traded up $1.96 during midday trading on Tuesday, hitting $54.22. The company had a trading volume of 18,325,922 shares, compared to its average volume of 10,093,497. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.14 and a quick ratio of 7.14. The company’s 50 day simple moving average is $63.00 and its 200 day simple moving average is $70.28. Shopify Inc. has a 52-week low of $45.50 and a 52-week high of $91.57. The stock has a market cap of $69.87 billion, a price-to-earnings ratio of -319.53, a PEG ratio of 3.15 and a beta of 2.30.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, May 8th. The software maker reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.04. The company had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.84 billion. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. Research analysts anticipate 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.