Confluence Investment Management LLC Invests $699,000 in Shopify Inc. (NYSE:SHOP)

Confluence Investment Management LLC bought a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 9,058 shares of the software maker’s stock, valued at approximately $699,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SHOP. Norges Bank purchased a new stake in Shopify in the 4th quarter worth approximately $1,049,089,000. Capital World Investors grew its stake in Shopify by 28.7% in the 4th quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock worth $3,071,197,000 after acquiring an additional 8,789,411 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Shopify by 118.9% in the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,382,000 shares of the software maker’s stock worth $263,452,000 after acquiring an additional 1,837,000 shares during the period. Artisan Partners Limited Partnership grew its stake in Shopify by 33.4% in the 4th quarter. Artisan Partners Limited Partnership now owns 6,416,115 shares of the software maker’s stock worth $499,815,000 after acquiring an additional 1,606,482 shares during the period. Finally, Baillie Gifford & Co. grew its stake in Shopify by 2.3% in the 4th quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock worth $4,998,476,000 after acquiring an additional 1,419,749 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Trading Down 3.1 %

Shares of Shopify stock traded down $2.08 during trading on Tuesday, reaching $64.44. The company had a trading volume of 6,913,114 shares, compared to its average volume of 10,440,087. The firm’s fifty day moving average is $65.19 and its 200-day moving average is $73.50. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.14 and a current ratio of 7.14. Shopify Inc. has a fifty-two week low of $45.50 and a fifty-two week high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, May 8th. The software maker reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.04. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. The business had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.84 billion. Sell-side analysts forecast that Shopify Inc. will post 0.57 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. CIBC lowered their price objective on shares of Shopify from $100.00 to $85.00 and set an “outperformer” rating for the company in a research note on Thursday, May 9th. DA Davidson lowered their price objective on shares of Shopify from $90.00 to $84.00 and set a “buy” rating for the company in a research note on Thursday, May 9th. Atb Cap Markets raised shares of Shopify from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, May 8th. Evercore ISI raised shares of Shopify from an “in-line” rating to an “outperform” rating and set a $75.00 price objective for the company in a research note on Friday. Finally, JMP Securities raised shares of Shopify from a “market perform” rating to an “outperform” rating and set a $80.00 price objective for the company in a research note on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $76.49.

Shopify 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.