Bleakley Financial Group LLC Increases Stock Holdings in Shopify Inc. (NYSE:SHOP)

Bleakley Financial Group LLC boosted its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 51.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 16,315 shares of the software maker’s stock after purchasing an additional 5,537 shares during the period. Bleakley Financial Group LLC’s holdings in Shopify were worth $1,259,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Baillie Gifford & Co. boosted its position in Shopify by 2.3% in the fourth 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 during the last quarter. Vanguard Group Inc. lifted its position in shares of Shopify by 3.0% during the 4th quarter. Vanguard Group Inc. now owns 42,168,291 shares of the software maker’s stock valued at $3,284,910,000 after buying an additional 1,242,067 shares in the last quarter. Capital World Investors lifted its position in shares of Shopify by 28.7% during the 4th quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock valued at $3,071,197,000 after buying an additional 8,789,411 shares in the last quarter. Capital International Investors lifted its position in shares of Shopify by 9.7% during the 4th quarter. Capital International Investors now owns 15,849,638 shares of the software maker’s stock valued at $1,235,534,000 after buying an additional 1,399,562 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Shopify during the 4th quarter valued at about $1,049,089,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on SHOP shares. Royal Bank of Canada lowered their price objective on Shopify from $100.00 to $85.00 and set an “outperform” rating on the stock in a research report on Thursday, May 9th. Moffett Nathanson downgraded Shopify from a “buy” rating to a “neutral” rating and decreased their target price for the company from $74.00 to $65.00 in a research note on Thursday, June 6th. TD Securities decreased their target price on Shopify from $80.00 to $72.00 and set a “hold” rating on the stock in a research note on Thursday, May 9th. Wolfe Research assumed coverage on Shopify in a research note on Tuesday. They set an “outperform” rating and a $80.00 target price on the stock. Finally, JPMorgan Chase & Co. assumed coverage on Shopify in a research note on Tuesday, June 11th. They set an “overweight” rating and a $74.00 target price on the stock. One 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 has an average rating of “Moderate Buy” and an average target price of $77.44.

Shopify Trading Down 7.0 %

SHOP traded down $4.89 during trading hours on Wednesday, reaching $64.83. 14,162,026 shares of the company’s stock traded hands, compared to its average volume of 10,155,921. Shopify Inc. has a 52-week low of $45.50 and a 52-week high of $91.57. The firm has a market capitalization of $83.55 billion, a PE ratio of -386.24, a PEG ratio of 3.21 and a beta of 2.30. The firm has a 50-day moving average price of $62.64 and a 200 day moving average price of $72.06. The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its 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 business had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.84 billion. As a group, sell-side analysts predict that Shopify Inc. will post 0.62 EPS for the current fiscal 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.