Shopify Inc. (NYSE:SHOP) Position Lifted by Addenda Capital Inc.

Addenda Capital Inc. raised its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 5.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 906,273 shares of the software maker’s stock after buying an additional 48,615 shares during the quarter. Shopify makes up approximately 2.9% of Addenda Capital Inc.’s portfolio, making the stock its 8th biggest position. Addenda Capital Inc. owned approximately 0.07% of Shopify worth $59,859,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Private Wealth Management Group LLC acquired a new position in Shopify in the 4th quarter valued at about $26,000. DSM Capital Partners LLC acquired a new position in shares of Shopify in the fourth quarter valued at approximately $28,000. Jones Financial Companies Lllp purchased a new stake in shares of Shopify during the fourth quarter worth approximately $28,000. Your Advocates Ltd. LLP lifted its holdings in shares of Shopify by 4,344.4% during the fourth quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock worth $31,000 after purchasing an additional 391 shares during the period. Finally, OLD Point Trust & Financial Services N A purchased a new position in Shopify in the 4th quarter valued at $39,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SHOP has been the topic of a number of analyst reports. TD Securities lowered their price objective on Shopify from $80.00 to $72.00 and set a “hold” rating on the stock in a report on Thursday, May 9th. UBS Group upped their price objective on Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Benchmark reissued a “hold” rating on shares of Shopify in a report on Tuesday, August 6th. CIBC decreased their target price on shares of Shopify from $100.00 to $85.00 and set an “outperformer” rating on the stock in a research report on Thursday, May 9th. Finally, DA Davidson cut their price target on shares of Shopify from $90.00 to $84.00 and set a “buy” rating for the company in a report on Thursday, May 9th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.24.

Shopify Trading Up 2.5 %

SHOP traded up $1.72 during trading on Wednesday, reaching $71.62. The company had a trading volume of 9,016,485 shares, compared to its average volume of 10,420,771. The firm’s 50-day simple moving average is $63.79 and its 200 day simple moving average is $69.64. 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 company has a market cap of $92.30 billion, a price-to-earnings ratio of -416.94, a PEG ratio of 2.83 and a beta of 2.30. Shopify Inc. has a 12-month low of $45.50 and a 12-month high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly 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. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. During the same period in the previous year, the firm earned ($0.08) earnings per share. Shopify’s quarterly revenue was up 20.7% on a year-over-year basis. Equities research analysts anticipate that Shopify Inc. will post 0.63 earnings per share for the current year.

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.