Confluence Investment Management LLC Buys 207 Shares of Shopify Inc. (NYSE:SHOP)

Confluence Investment Management LLC grew its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.3% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 9,265 shares of the software maker’s stock after purchasing an additional 207 shares during the period. Confluence Investment Management LLC’s holdings in Shopify were worth $612,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Baillie Gifford & Co. increased its stake in Shopify by 2.3% during the 4th quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock worth $4,998,476,000 after purchasing an additional 1,419,749 shares in the last quarter. Capital World Investors boosted its position in Shopify by 26.2% during the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after acquiring an additional 10,340,040 shares during the last quarter. Vanguard Group Inc. boosted its position in Shopify by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after acquiring an additional 713,064 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Shopify by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after acquiring an additional 5,982,434 shares during the last quarter. Finally, GQG Partners LLC boosted its position in Shopify by 197.9% during the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after acquiring an additional 13,885,473 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Down 3.1 %

Shares of NYSE SHOP traded down $1.68 during mid-day trading on Monday, hitting $52.75. 7,710,300 shares of the stock traded hands, compared to its average volume of 9,976,506. 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 52 week low of $45.50 and a 52 week high of $91.57. The company has a market cap of $67.98 billion, a price-to-earnings ratio of -307.18, a PEG ratio of 3.36 and a beta of 2.30. The stock has a fifty day moving average price of $63.09 and a 200-day moving average price of $70.45.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results 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. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. The firm had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.84 billion. Research analysts anticipate that Shopify Inc. will post 0.62 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on SHOP shares. JMP Securities raised Shopify from a “market perform” rating to an “outperform” rating and set a $80.00 price objective for the company in a report on Thursday, May 9th. Benchmark reissued a “hold” rating on shares of Shopify in a report on Tuesday, May 7th. TD Securities cut their price objective on Shopify from $80.00 to $72.00 and set a “hold” rating for the company in a report on Thursday, May 9th. JPMorgan Chase & Co. started coverage on Shopify in a research note on Tuesday, June 11th. They issued an “overweight” rating and a $74.00 price target on the stock. Finally, Moffett Nathanson cut Shopify from a “buy” rating to a “neutral” rating and dropped their price target for the company from $74.00 to $65.00 in a research note on Thursday, June 6th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Shopify has an average rating of “Moderate Buy” and a consensus price target of $77.62.

About Shopify

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.