First Republic Investment Management Inc. boosted its stake in Shopify Inc (NYSE:SHOP) (TSE:SHOP) by 538.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,307 shares of the software maker’s stock after purchasing an additional 12,908 shares during the period. First Republic Investment Management Inc.’s holdings in Shopify were worth $2,233,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Confluence Investment Management LLC acquired a new stake in Shopify during the 2nd quarter worth about $2,384,000. Prio Wealth Limited Partnership acquired a new stake in Shopify during the 2nd quarter worth about $218,000. Toronto Dominion Bank grew its holdings in Shopify by 100.7% during the 2nd quarter. Toronto Dominion Bank now owns 105,888 shares of the software maker’s stock worth $15,180,000 after acquiring an additional 53,119 shares during the period. Great West Life Assurance Co. Can grew its holdings in Shopify by 21.9% during the 1st quarter. Great West Life Assurance Co. Can now owns 49,074 shares of the software maker’s stock worth $6,106,000 after acquiring an additional 8,821 shares during the period. Finally, Bank of Montreal Can acquired a new stake in shares of Shopify in the 2nd quarter valued at about $36,506,000. Institutional investors and hedge funds own 60.74% of the company’s stock.
Several brokerages have recently commented on SHOP. Wedbush began coverage on Shopify in a research note on Thursday, September 13th. They issued an “outperform” rating and a $177.00 target price for the company. Rosenblatt Securities began coverage on Shopify in a research note on Tuesday, September 4th. They issued a “buy” rating and a $188.00 target price for the company. Guggenheim began coverage on Shopify in a research note on Tuesday, August 7th. They issued a “buy” rating and a $180.00 target price for the company. Roth Capital reduced their target price on Shopify from $192.00 to $180.00 and set a “buy” rating for the company in a research note on Wednesday, August 1st. Finally, Morgan Stanley raised their target price on Shopify from $140.00 to $151.00 and gave the company a “hold” rating in a research note on Wednesday, August 1st. Seven research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $163.95.
Shares of NYSE SHOP opened at $153.63 on Tuesday. Shopify Inc has a fifty-two week low of $89.35 and a fifty-two week high of $176.60. The stock has a market capitalization of $16.29 billion, a P/E ratio of -365.79 and a beta of 1.17. The company has a current ratio of 12.89, a quick ratio of 12.89 and a debt-to-equity ratio of 0.01.
Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, July 31st. The software maker reported $0.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.28) by $0.30. Shopify had a negative net margin of 6.12% and a negative return on equity of 3.77%. The business had revenue of $245.00 million for the quarter, compared to analysts’ expectations of $234.72 million. During the same quarter last year, the firm earned ($0.01) EPS. The firm’s revenue for the quarter was up 61.5% compared to the same quarter last year. sell-side analysts expect that Shopify Inc will post -0.76 earnings per share for the current year.
Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in Canada, the United States, the United Kingdom, 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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