Malaga Cove Capital LLC Grows Stock Position in Shopify Inc. (NYSE:SHOP)

Malaga Cove Capital LLC lifted its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 20.9% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 25,932 shares of the software maker’s stock after acquiring an additional 4,487 shares during the period. Malaga Cove Capital LLC’s holdings in Shopify were worth $1,713,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Private Wealth Management Group LLC purchased a new stake in Shopify in the fourth quarter valued at approximately $26,000. DSM Capital Partners LLC purchased a new stake in shares of Shopify in the 4th quarter valued at $28,000. Jones Financial Companies Lllp acquired a new stake in shares of Shopify in the fourth quarter worth $28,000. Your Advocates Ltd. LLP raised 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 last quarter. Finally, Cultivar Capital Inc. acquired a new position in Shopify during the second quarter valued at $33,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on SHOP. Royal Bank of Canada reissued an “outperform” rating and set a $85.00 target price on shares of Shopify in a report on Thursday, August 8th. UBS Group lifted their price target on Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Moffett Nathanson cut shares of Shopify from a “buy” rating to a “neutral” rating and dropped their price target for the company from $74.00 to $65.00 in a research note on Thursday, June 6th. JPMorgan Chase & Co. increased their price objective on Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Finally, Cantor Fitzgerald started coverage on Shopify in a research report on Thursday, September 5th. They issued a “neutral” rating and a $70.00 target price on the stock. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and a consensus price target of $77.11.

Shopify Price Performance

Shares of NYSE SHOP opened at $68.13 on Tuesday. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The stock has a market cap of $87.80 billion, a P/E ratio of -400.76, a P/E/G ratio of 2.25 and a beta of 2.35. The stock has a 50 day moving average of $67.06 and a two-hundred day moving average of $68.46. Shopify Inc. has a twelve month low of $45.50 and a twelve month high of $91.57.

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

Shopify Company 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.