Tobam Increases Stake in Shopify Inc. (NYSE:SHOP)

Tobam raised its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 113.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,717 shares of the software maker’s stock after purchasing an additional 1,442 shares during the quarter. Tobam’s holdings in Shopify were worth $179,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new position in shares of Shopify in the second quarter worth $425,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Shopify by 8.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 446,011 shares of the software maker’s stock valued at $29,459,000 after acquiring an additional 33,565 shares during the period. Ameritas Advisory Services LLC grew its stake in Shopify by 16.1% in the 2nd quarter. Ameritas Advisory Services LLC now owns 47,805 shares of the software maker’s stock valued at $3,158,000 after acquiring an additional 6,642 shares during the period. Ridgewood Investments LLC grew its stake in Shopify by 35.1% in the 2nd quarter. Ridgewood Investments LLC now owns 4,858 shares of the software maker’s stock valued at $321,000 after acquiring an additional 1,263 shares during the period. Finally, Banco Santander S.A. lifted its holdings in Shopify by 4.6% in the 2nd quarter. Banco Santander S.A. now owns 71,723 shares of the software maker’s stock valued at $4,737,000 after purchasing an additional 3,130 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on SHOP shares. UBS Group boosted their price objective on shares of Shopify from $71.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. JMP Securities restated a “market outperform” rating and set a $80.00 target price on shares of Shopify in a research note on Thursday, August 8th. TD Securities reduced their price objective on Shopify from $80.00 to $72.00 and set a “hold” rating for the company in a research note on Thursday, May 9th. Mizuho cut their price target on Shopify from $75.00 to $65.00 and set a “neutral” rating for the company in a research note on Thursday, May 9th. Finally, Wells Fargo & Company upped their price target on Shopify from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. One 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 given a strong buy rating to the company. Based on data from MarketBeat, Shopify currently has an average rating of “Moderate Buy” and a consensus target price of $77.30.

Shopify Price Performance

Shares of NYSE SHOP traded up $0.54 during mid-day trading on Friday, reaching $73.81. The company’s stock had a trading volume of 1,932,383 shares, compared to its average volume of 10,072,351. The firm has a market capitalization of $95.12 billion, a PE ratio of -434.59, a P/E/G ratio of 2.50 and a beta of 2.30. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. The stock has a fifty day moving average of $66.10 and a two-hundred day moving average of $69.07. Shopify Inc. has a 52 week low of $45.50 and a 52 week high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The company had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The firm’s revenue for the quarter was up 20.7% on a year-over-year basis. During the same period in the previous year, the business earned ($0.08) earnings per share. As a group, sell-side analysts anticipate that Shopify Inc. will post 0.76 EPS for the current fiscal 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, 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.