NorthCrest Asset Manangement LLC increased its stake in shares of Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) by 1.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 102,370 shares of the software maker’s stock after acquiring an additional 1,770 shares during the quarter. NorthCrest Asset Manangement LLC’s holdings in Shopify were worth $4,908,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of SHOP. Zullo Investment Group Inc. raised its holdings in shares of Shopify by 16.1% during the first quarter. Zullo Investment Group Inc. now owns 10,588 shares of the software maker’s stock valued at $508,000 after purchasing an additional 1,468 shares during the period. Ridgewood Investments LLC acquired a new position in Shopify during the 1st quarter worth approximately $174,000. D.A. Davidson & CO. boosted its holdings in Shopify by 6.3% in the first quarter. D.A. Davidson & CO. now owns 54,370 shares of the software maker’s stock worth $2,606,000 after acquiring an additional 3,208 shares in the last quarter. Sequoia Financial Advisors LLC grew its stake in Shopify by 37.3% in the first quarter. Sequoia Financial Advisors LLC now owns 11,625 shares of the software maker’s stock valued at $557,000 after acquiring an additional 3,159 shares during the period. Finally, K.J. Harrison & Partners Inc increased its holdings in shares of Shopify by 266.1% during the first quarter. K.J. Harrison & Partners Inc now owns 23,430 shares of the software maker’s stock valued at $1,122,000 after acquiring an additional 17,030 shares in the last quarter. 58.14% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several analysts recently issued reports on the stock. DA Davidson lifted their price target on shares of Shopify from $50.00 to $67.00 in a research report on Friday, May 5th. Needham & Company LLC assumed coverage on shares of Shopify in a research report on Tuesday, April 11th. They set a “hold” rating for the company. National Bankshares upped their target price on shares of Shopify from $60.00 to $80.00 and gave the stock an “outperform” rating in a report on Friday, May 5th. UBS Group upgraded Shopify from a “sell” rating to a “neutral” rating and lifted their price target for the company from $34.00 to $64.00 in a research note on Friday, May 5th. Finally, Loop Capital reissued a “hold” rating on shares of Shopify in a research note on Tuesday, May 9th. Two research analysts have rated the stock with a sell rating, twenty-three have issued a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $56.20.
Shopify Stock Down 0.3 %
Shopify (NYSE:SHOP – Free Report) (TSE:SHOP) last released its quarterly earnings data on Thursday, May 4th. The software maker reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.08. Shopify had a negative return on equity of 6.02% and a negative net margin of 32.49%. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.44 billion. On average, analysts predict that Shopify Inc. will post -0.14 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, 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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