Harbour Capital Advisors LLC Boosts Stake in Shopify Inc. (NYSE:SHOP)

Harbour Capital Advisors LLC increased its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 24.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,825 shares of the software maker’s stock after buying an additional 1,350 shares during the period. Harbour Capital Advisors LLC’s holdings in Shopify were worth $533,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in SHOP. Acadian Asset Management LLC grew its stake in shares of Shopify by 49.4% during the third quarter. Acadian Asset Management LLC now owns 9,340 shares of the software maker’s stock valued at $509,000 after buying an additional 3,089 shares during the last quarter. Northern Trust Corp grew its stake in Shopify by 4.3% in the third quarter. Northern Trust Corp now owns 538,465 shares of the software maker’s stock worth $29,384,000 after purchasing an additional 22,315 shares in the last quarter. O Shaughnessy Asset Management LLC grew its stake in Shopify by 4.7% in the third quarter. O Shaughnessy Asset Management LLC now owns 108,881 shares of the software maker’s stock worth $5,942,000 after purchasing an additional 4,907 shares in the last quarter. Mutual Advisors LLC grew its stake in Shopify by 3.7% in the third quarter. Mutual Advisors LLC now owns 28,522 shares of the software maker’s stock worth $1,556,000 after purchasing an additional 1,009 shares in the last quarter. Finally, Valley National Advisers Inc. grew its stake in Shopify by 28.0% in the third quarter. Valley National Advisers Inc. now owns 1,293 shares of the software maker’s stock worth $71,000 after purchasing an additional 283 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SHOP. Barclays dropped their price objective on Shopify from $68.00 to $63.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 9th. StockNews.com upgraded Shopify from a “sell” rating to a “hold” rating in a report on Wednesday, April 24th. Robert W. Baird lowered their target price on Shopify from $87.00 to $77.00 and set an “outperform” rating for the company in a report on Thursday, May 9th. Needham & Company LLC restated a “hold” rating on shares of Shopify in a report on Thursday, May 9th. Finally, Mizuho lowered their target price on Shopify from $75.00 to $65.00 and set a “neutral” rating for the company in a report on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat.com, Shopify has an average rating of “Moderate Buy” and an average price target of $76.42.

Shopify Price Performance

Shares of Shopify stock opened at $66.05 on Friday. Shopify Inc. has a twelve month low of $45.50 and a twelve month high of $91.57. The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.10. The firm’s 50-day moving average price is $64.20 and its 200 day moving average price is $73.00.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.04. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.84 billion. On average, research analysts expect that Shopify Inc. will post 0.61 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.