Abbot Financial Management Inc. Purchases 3,472 Shares of Shopify Inc. (NYSE:SHOP)

Abbot Financial Management Inc. lifted its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 43.8% during the 2nd quarter, HoldingsChannel reports. The firm owned 11,404 shares of the software maker’s stock after acquiring an additional 3,472 shares during the period. Abbot Financial Management Inc.’s holdings in Shopify were worth $753,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SHOP. DSM Capital Partners LLC bought a new position in shares of Shopify during the fourth quarter valued at approximately $28,000. Jones Financial Companies Lllp bought a new position in Shopify during the 4th quarter valued at approximately $28,000. OLD Point Trust & Financial Services N A purchased a new position in Shopify during the fourth quarter valued at $39,000. Cultivar Capital Inc. bought a new stake in Shopify in the second quarter worth $33,000. Finally, Hazlett Burt & Watson Inc. purchased a new stake in shares of Shopify in the second quarter worth $33,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Up 1.6 %

Shares of SHOP opened at $73.59 on Tuesday. The company has a market capitalization of $94.83 billion, a PE ratio of -432.88, a price-to-earnings-growth ratio of 2.39 and a beta of 2.35. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. Shopify Inc. has a 12-month low of $45.50 and a 12-month high of $91.57. The business’s 50 day moving average is $67.50 and its 200 day moving average is $68.28.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.06. The company had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.01 billion. Shopify had a net margin of 16.40% and a return on equity of 10.88%. Shopify’s quarterly revenue was up 20.7% on a year-over-year basis. During the same period last year, the company posted ($0.08) earnings per share. Research analysts expect that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Argus raised Shopify to a “strong-buy” rating in a research report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Morgan Stanley raised their price target on shares of Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. KeyCorp began coverage on Shopify in a research report on Thursday, July 25th. They issued an “overweight” rating and a $80.00 price objective on the stock. Finally, Bank of America raised Shopify from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $78.00 to $82.00 in a report on Tuesday, July 16th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $77.92.

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.