Northwest Investment Counselors LLC Makes New Investment in Shopify Inc. (NYSE:SHOP)

Northwest Investment Counselors LLC purchased a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 1st quarter, Holdings Channel.com reports. The fund purchased 92 shares of the software maker’s stock, valued at approximately $102,000.

Several other large investors also recently bought and sold shares of SHOP. First Trust Advisors LP increased its position in shares of Shopify by 15.6% during the 1st quarter. First Trust Advisors LP now owns 3,499 shares of the software maker’s stock worth $723,000 after purchasing an additional 472 shares during the last quarter. Charles Schwab Investment Management Inc. bought a new position in Shopify during the third quarter worth $6,801,000. Great West Life Assurance Co. Can increased its holdings in shares of Shopify by 6.9% in the third quarter. Great West Life Assurance Co. Can now owns 193,424 shares of the software maker’s stock valued at $197,177,000 after purchasing an additional 12,490 shares during the last quarter. IHT Wealth Management LLC raised its position in shares of Shopify by 14.4% in the third quarter. IHT Wealth Management LLC now owns 326 shares of the software maker’s stock valued at $333,000 after purchasing an additional 41 shares during the period. Finally, Kingsview Wealth Management LLC lifted its stake in shares of Shopify by 1.0% during the 3rd quarter. Kingsview Wealth Management LLC now owns 1,555 shares of the software maker’s stock worth $1,591,000 after buying an additional 16 shares during the last quarter. 56.89% of the stock is currently owned by hedge funds and other institutional investors.

Shares of SHOP stock opened at $1,096.64 on Friday. The business’s 50-day moving average price is $1,146.07 and its 200-day moving average price is $1,137.30. Shopify Inc. has a 12 month low of $595.03 and a 12 month high of $1,499.75. The firm has a market capitalization of $134.37 billion, a price-to-earnings ratio of 698.50, a PEG ratio of 37.63 and a beta of 1.60. The company has a current ratio of 17.87, a quick ratio of 17.87 and a debt-to-equity ratio of 0.14.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, February 17th. The software maker reported $1.58 EPS for the quarter, beating the Zacks’ consensus estimate of $0.56 by $1.02. Shopify had a return on equity of 2.35% and a net margin of 7.99%. The firm had revenue of $977.74 million for the quarter, compared to analyst estimates of $906.82 million. On average, sell-side analysts predict that Shopify Inc. will post 1.49 earnings per share for the current fiscal year.

Several research firms have weighed in on SHOP. Morgan Stanley increased their price target on shares of Shopify from $1,100.00 to $1,300.00 and gave the company an “equal weight” rating in a report on Thursday, February 25th. Stifel Nicolaus initiated coverage on Shopify in a research note on Wednesday, March 31st. They set a “buy” rating and a $1,200.00 target price on the stock. The Goldman Sachs Group boosted their price target on Shopify from $1,323.00 to $1,680.00 and gave the company a “buy” rating in a research note on Thursday, February 25th. Evercore ISI initiated coverage on Shopify in a report on Tuesday, April 13th. They issued an “in-line” rating and a $1,360.00 price objective on the stock. Finally, DA Davidson lifted their target price on Shopify from $1,000.00 to $1,275.00 and gave the stock a “neutral” rating in a report on Thursday, February 18th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and sixteen have given a buy rating to the company. Shopify currently has a consensus rating of “Hold” and an average target price of $1,325.36.

Shopify Profile

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, the United Kingdom, Australia, Latin America, and internationally. The company's platform provides merchants to run their business in 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, and access financing.

Further Reading: Buy-Side Analysts

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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