Shopify Inc. (NYSE:SHOP) Shares Purchased by Harbour Investments Inc.

Harbour Investments Inc. raised its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 9.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,383 shares of the software maker’s stock after buying an additional 1,499 shares during the quarter. Harbour Investments Inc.’s holdings in Shopify were worth $1,148,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. GQG Partners LLC grew its position in shares of Shopify by 197.9% in the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after purchasing an additional 13,885,473 shares in the last quarter. Norges Bank purchased a new position in Shopify during the fourth quarter worth about $1,049,089,000. Capital World Investors boosted its holdings in Shopify by 26.2% in the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after purchasing an additional 10,340,040 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Shopify by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after buying an additional 5,982,434 shares during the last quarter. Finally, Toronto Dominion Bank raised its position in shares of Shopify by 214.5% during the 1st quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock valued at $224,492,000 after buying an additional 1,983,996 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Down 3.0 %

Shopify stock traded down $2.25 during midday trading on Wednesday, hitting $72.28. 2,942,149 shares of the stock were exchanged, compared to its average volume of 10,144,030. 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 company has a 50 day moving average price of $65.73 and a two-hundred day moving average price of $69.16. The firm has a market cap of $93.15 billion, a P/E ratio of -431.71, a P/E/G ratio of 2.50 and a beta of 2.30. Shopify Inc. has a 1 year low of $45.50 and a 1 year high of $91.57.

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

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Moffett Nathanson cut Shopify from a “buy” rating to a “neutral” rating and cut their target price for the stock from $74.00 to $65.00 in a research note on Thursday, June 6th. KeyCorp started coverage on shares of Shopify in a report on Thursday, July 25th. They issued an “overweight” rating and a $80.00 price objective on the stock. Roth Mkm boosted their price target on shares of Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. increased their price objective on shares of Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Finally, Canaccord Genuity Group lowered their price target on Shopify from $90.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, May 9th. One equities research 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 assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and an average price target of $77.30.

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.