Spinnaker Trust Purchases Shares of 2,837 Shopify Inc. (NYSE:SHOP)

Spinnaker Trust acquired a new stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the third quarter, Holdings Channel reports. The fund acquired 2,837 shares of the software maker’s stock, valued at approximately $227,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Norden Group LLC purchased a new position in Shopify in the 1st quarter worth approximately $213,000. Mediolanum International Funds Ltd purchased a new position in shares of Shopify in the first quarter worth $1,073,000. Envestnet Portfolio Solutions Inc. raised its holdings in Shopify by 1.6% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 26,259 shares of the software maker’s stock valued at $2,026,000 after buying an additional 405 shares during the last quarter. Quantbot Technologies LP purchased a new stake in Shopify during the 1st quarter valued at $2,741,000. Finally, Empowered Funds LLC grew its holdings in Shopify by 15.4% in the 1st quarter. Empowered Funds LLC now owns 12,708 shares of the software maker’s stock worth $981,000 after acquiring an additional 1,694 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Up 3.0 %

Shopify stock opened at $81.92 on Thursday. Shopify Inc. has a one year low of $48.56 and a one year high of $91.57. The stock has a fifty day moving average of $77.90 and a 200 day moving average of $69.61. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. The stock has a market cap of $105.71 billion, a PE ratio of 83.59, a price-to-earnings-growth ratio of 2.62 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, beating the consensus estimate of $0.20 by $0.06. The firm had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.01 billion. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The business’s revenue for the quarter was up 20.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.08) EPS. As a group, sell-side analysts predict that Shopify Inc. will post 0.76 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SHOP. Deutsche Bank Aktiengesellschaft increased their target price on shares of Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Evercore boosted their target price on Shopify from $75.00 to $80.00 in a research note on Thursday, August 8th. Truist Financial dropped their price target on Shopify from $65.00 to $55.00 and set a “hold” rating for the company in a research note on Tuesday, August 6th. Roth Mkm upped their price objective on shares of Shopify from $77.00 to $79.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Finally, Royal Bank of Canada lifted their target price on shares of Shopify from $85.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $81.03.

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.