Shopify Inc. (NYSE:SHOP) Shares Acquired by Lake Street Financial LLC

Lake Street Financial LLC grew its stake in Shopify Inc. (NYSE:SHOPGet Rating) (TSE:SHOP) by 47.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,663 shares of the software maker’s stock after acquiring an additional 536 shares during the quarter. Lake Street Financial LLC’s holdings in Shopify were worth $1,124,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Banco Santander S.A. increased its stake in shares of Shopify by 159.4% in the 1st quarter. Banco Santander S.A. now owns 12,368 shares of the software maker’s stock worth $8,361,000 after acquiring an additional 7,600 shares during the last quarter. Wealthsource Partners LLC increased its position in shares of Shopify by 12.9% during the 1st quarter. Wealthsource Partners LLC now owns 664 shares of the software maker’s stock worth $449,000 after purchasing an additional 76 shares during the last quarter. Andesa Financial Management Inc. acquired a new stake in shares of Shopify during the 1st quarter worth about $226,000. Lincoln National Corp increased its position in shares of Shopify by 1.3% during the 1st quarter. Lincoln National Corp now owns 2,690 shares of the software maker’s stock worth $1,819,000 after purchasing an additional 35 shares during the last quarter. Finally, Brown Advisory Inc. increased its position in shares of Shopify by 6.8% during the 1st quarter. Brown Advisory Inc. now owns 581,823 shares of the software maker’s stock worth $445,284,000 after purchasing an additional 37,044 shares during the last quarter. 62.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SHOP has been the subject of a number of recent analyst reports. Canaccord Genuity Group cut their price objective on Shopify from $45.00 to $40.00 in a research report on Thursday, July 28th. Piper Sandler cut Shopify from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $38.00 to $32.00 in a report on Thursday, July 28th. Citigroup lowered their target price on Shopify from $43.20 to $37.00 in a report on Tuesday, July 26th. StockNews.com upgraded Shopify to a “sell” rating in a report on Thursday, June 30th. Finally, Sumitomo Mitsui Financial Group lowered their target price on Shopify from $53.00 to $40.00 and set an “outperform” rating for the company in a report on Thursday, July 28th. Two investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Shopify has a consensus rating of “Hold” and an average price target of $73.34.

Shopify Stock Performance

NYSE:SHOP opened at $40.81 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 11.17 and a quick ratio of 11.17. The stock’s 50 day simple moving average is $41.35 and its 200-day simple moving average is $55.29. Shopify Inc. has a 12-month low of $29.72 and a 12-month high of $176.29.

Shopify (NYSE:SHOPGet Rating) (TSE:SHOP) last released its earnings results on Thursday, May 5th. The software maker reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.03). The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.24 billion. Shopify had a negative net margin of 38.01% and a negative return on equity of 1.61%. The company’s revenue for the quarter was up 21.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.13 EPS. As a group, analysts expect that Shopify Inc. will post -0.45 earnings per share for the current year.

About Shopify

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Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, 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.

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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