Whittier Trust Co. grew its position in shares of Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) by 21.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,751 shares of the software maker’s stock after purchasing an additional 855 shares during the period. Whittier Trust Co.’s holdings in Shopify were worth $228,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Industrial Alliance Investment Management Inc. increased its stake in shares of Shopify by 292.9% in the first quarter. Industrial Alliance Investment Management Inc. now owns 110 shares of the software maker’s stock worth $74,000 after buying an additional 82 shares during the last quarter. Turim 21 Investimentos Ltda. bought a new stake in shares of Shopify in the first quarter worth $148,000. Fairfield Bush & CO. bought a new stake in shares of Shopify in the first quarter worth $169,000. First Manhattan Co. increased its stake in shares of Shopify by 317.5% in the first quarter. First Manhattan Co. now owns 263 shares of the software maker’s stock worth $177,000 after buying an additional 200 shares during the last quarter. Finally, Stonebridge Capital Advisors LLC boosted its holdings in Shopify by 508.2% in the first quarter. Stonebridge Capital Advisors LLC now owns 298 shares of the software maker’s stock worth $201,000 after purchasing an additional 249 shares during the period. Institutional investors own 58.14% of the company’s stock.
Wall Street Analyst Weigh In
A number of research firms have commented on SHOP. Oppenheimer lifted their price objective on shares of Shopify from $70.00 to $80.00 in a report on Tuesday, June 20th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Shopify from $67.00 to $75.00 in a report on Wednesday, June 21st. DA Davidson lifted their price objective on shares of Shopify from $50.00 to $67.00 in a report on Friday, May 5th. TD Securities lifted their price objective on shares of Shopify from $47.00 to $60.00 and gave the stock a “hold” rating in a report on Friday, May 5th. Finally, 888 reaffirmed a “maintains” rating on shares of Shopify in a report on Tuesday, May 9th. Two equities research analysts have rated the stock with a sell rating, twenty-three have issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $56.20.
Shopify Price Performance
Shopify (NYSE:SHOP – Free Report) (TSE:SHOP) last issued its earnings results on Thursday, May 4th. The software maker reported ($0.08) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.08. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.44 billion. Shopify had a negative return on equity of 6.02% and a negative net margin of 32.49%. On average, analysts predict that Shopify Inc. will post -0.14 EPS for the current year.
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, 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.
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