Intech Investment Management LLC Invests $2.71 Million in Shopify Inc. (NYSE:SHOP)

Intech Investment Management LLC acquired a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 35,046 shares of the software maker’s stock, valued at approximately $2,706,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Norden Group LLC acquired a new position in Shopify in the first quarter valued at approximately $3,618,000. StoneCrest Wealth Management Inc. acquired a new position in Shopify in the fourth quarter valued at approximately $1,164,000. FIL Ltd lifted its stake in Shopify by 1.8% in the fourth quarter. FIL Ltd now owns 13,303,001 shares of the software maker’s stock valued at $1,035,688,000 after buying an additional 238,596 shares during the period. Asset Management One Co. Ltd. raised its position in shares of Shopify by 4,007.4% during the fourth quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker’s stock worth $2,807,000 after purchasing an additional 34,624 shares during the period. Finally, Wealthcare Advisory Partners LLC raised its position in shares of Shopify by 5.3% during the first quarter. Wealthcare Advisory Partners LLC now owns 4,340 shares of the software maker’s stock worth $335,000 after purchasing an additional 219 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Trading Up 0.1 %

NYSE:SHOP traded up $0.05 during midday trading on Friday, hitting $63.16. The stock had a trading volume of 6,686,108 shares, compared to its average volume of 7,793,152. The stock has a 50-day moving average of $62.78 and a 200 day moving average of $71.83. The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $81.39 billion, a price-to-earnings ratio of -371.53, a PEG ratio of 3.67 and a beta of 2.30. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.04. The company had revenue of $1.86 billion during the quarter, compared to analyst estimates 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, sell-side analysts forecast that Shopify Inc. will post 0.62 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on SHOP shares. Citigroup upped their price objective on Shopify from $95.00 to $96.00 and gave the company a “buy” rating in a research note on Wednesday, June 26th. StockNews.com raised Shopify from a “sell” rating to a “hold” rating in a research report on Wednesday, April 24th. Deutsche Bank Aktiengesellschaft dropped their price target on Shopify from $95.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, May 9th. Robert W. Baird dropped their price target on Shopify from $87.00 to $77.00 and set an “outperform” rating on the stock in a research report on Thursday, May 9th. Finally, Benchmark reaffirmed a “hold” rating on shares of Shopify in a research report on Tuesday, May 7th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and twenty-two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.44.

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.