Shopify Inc. (NYSE:SHOP) Shares Bought by Addenda Capital Inc.

Addenda Capital Inc. lifted its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 16.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 857,658 shares of the software maker’s stock after acquiring an additional 123,916 shares during the period. Shopify makes up 3.1% of Addenda Capital Inc.’s portfolio, making the stock its 7th largest holding. Addenda Capital Inc.’s holdings in Shopify were worth $66,185,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Procyon Advisors LLC increased its position in shares of Shopify by 2.4% during the first quarter. Procyon Advisors LLC now owns 45,366 shares of the software maker’s stock valued at $3,501,000 after purchasing an additional 1,051 shares during the period. Wealthcare Advisory Partners LLC increased its holdings in Shopify by 5.3% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 4,340 shares of the software maker’s stock valued at $335,000 after buying an additional 219 shares during the period. Revolve Wealth Partners LLC acquired a new position in shares of Shopify in the 1st quarter valued at $1,443,000. Brookstone Capital Management lifted its holdings in shares of Shopify by 3.5% during the 1st quarter. Brookstone Capital Management now owns 7,646 shares of the software maker’s stock worth $590,000 after acquiring an additional 260 shares during the period. Finally, RMR Wealth Builders boosted its position in shares of Shopify by 13.7% during the 1st quarter. RMR Wealth Builders now owns 11,059 shares of the software maker’s stock valued at $853,000 after acquiring an additional 1,332 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on SHOP shares. Barclays cut their price target on shares of Shopify from $68.00 to $63.00 and set an “equal weight” rating for the company in a research note on Thursday, May 9th. Evercore ISI upgraded shares of Shopify from an “in-line” rating to an “outperform” rating and set a $75.00 target price on the stock in a research note on Friday, June 14th. Evercore raised shares of Shopify from an “in-line” rating to an “outperform” rating and set a $75.00 target price on the stock in a report on Friday, June 14th. Royal Bank of Canada reduced their price target on shares of Shopify from $100.00 to $85.00 and set an “outperform” rating on the stock in a research report on Thursday, May 9th. Finally, Wells Fargo & Company decreased their price objective on shares of Shopify from $85.00 to $75.00 and set an “overweight” rating on the stock in a research note on Thursday, May 9th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and an average price target of $76.42.

Shopify Stock Performance

Shares of Shopify stock traded down $0.32 during trading on Friday, hitting $66.05. 6,313,777 shares of the stock were exchanged, compared to its average volume of 10,320,580. The company has a current ratio of 7.14, a quick ratio of 7.14 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $85.12 billion, a price-to-earnings ratio of -388.53, a price-to-earnings-growth ratio of 3.29 and a beta of 2.27. Shopify Inc. has a 1-year low of $45.50 and a 1-year high of $91.57. The company has a fifty day moving average price of $64.20 and a 200-day moving average price of $73.00.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, May 8th. The software maker reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.04. The firm had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.84 billion. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. As a group, equities analysts predict that Shopify Inc. will post 0.61 EPS for the current fiscal year.

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.