Spinnaker Trust Grows Stake in Shopify Inc. $SHOP

Spinnaker Trust grew its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 5.6% in the second quarter, Holdings Channel reports. The firm owned 2,256 shares of the software maker’s stock after purchasing an additional 119 shares during the period. Spinnaker Trust’s holdings in Shopify were worth $260,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Savvy Advisors Inc. lifted its holdings in shares of Shopify by 18.5% during the 2nd quarter. Savvy Advisors Inc. now owns 2,656 shares of the software maker’s stock worth $306,000 after acquiring an additional 415 shares during the last quarter. Assetmark Inc. lifted its holdings in shares of Shopify by 95.8% during the 2nd quarter. Assetmark Inc. now owns 182,916 shares of the software maker’s stock worth $21,099,000 after acquiring an additional 89,476 shares during the last quarter. Emerald Mutual Fund Advisers Trust bought a new stake in shares of Shopify during the 2nd quarter worth $254,000. Arkadios Wealth Advisors lifted its holdings in shares of Shopify by 7.6% during the 2nd quarter. Arkadios Wealth Advisors now owns 12,880 shares of the software maker’s stock worth $1,486,000 after acquiring an additional 910 shares during the last quarter. Finally, Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Shopify during the 2nd quarter worth $142,000. 69.27% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on SHOP. Stifel Nicolaus lifted their price objective on shares of Shopify from $110.00 to $150.00 and gave the stock a “hold” rating in a report on Thursday, August 7th. Arete reaffirmed a “neutral” rating on shares of Shopify in a report on Wednesday, July 23rd. TD Securities lifted their price objective on shares of Shopify from $130.00 to $156.00 and gave the stock a “hold” rating in a report on Friday, October 3rd. BMO Capital Markets lifted their price objective on shares of Shopify from $120.00 to $180.00 and gave the stock an “outperform” rating in a report on Thursday, August 7th. Finally, Canaccord Genuity Group boosted their price target on shares of Shopify from $115.00 to $165.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, twenty-two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and a consensus target price of $155.35.

Shopify Stock Down 3.0%

Shopify stock opened at $173.61 on Friday. The company has a market capitalization of $225.63 billion, a PE ratio of 96.99, a P/E/G ratio of 8.38 and a beta of 2.72. The firm has a fifty day simple moving average of $152.94 and a two-hundred day simple moving average of $126.64. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.06. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The business had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. During the same period in the previous year, the firm posted $0.26 earnings per share. The firm’s revenue for the quarter was up 31.1% on a year-over-year basis. As a group, equities analysts expect that Shopify Inc. will post 1.12 earnings per share 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.