SlateStone Wealth LLC Invests $376,000 in Shopify Inc. (NYSE:SHOP)

SlateStone Wealth LLC bought a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 2nd quarter, Holdings Channel.com reports. The firm bought 5,695 shares of the software maker’s stock, valued at approximately $376,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Yousif Capital Management LLC lifted its stake in shares of Shopify by 21.3% in the 4th quarter. Yousif Capital Management LLC now owns 21,095 shares of the software maker’s stock valued at $1,643,000 after purchasing an additional 3,700 shares during the period. Bank Julius Baer & Co. Ltd Zurich boosted its holdings in shares of Shopify by 187.6% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 4,599 shares of the software maker’s stock worth $358,000 after buying an additional 3,000 shares in the last quarter. K.J. Harrison & Partners Inc acquired a new stake in shares of Shopify during the 4th quarter worth approximately $404,000. Spinnaker Trust bought a new stake in shares of Shopify in the 4th quarter valued at $221,000. Finally, Gilliland Jeter Wealth Management LLC acquired a new position in shares of Shopify during the 4th quarter valued at $412,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Trading Down 1.6 %

Shares of Shopify stock opened at $74.95 on Tuesday. The stock has a market capitalization of $96.59 billion, a P/E ratio of -440.88, a P/E/G ratio of 2.50 and a beta of 2.30. Shopify Inc. has a 52-week low of $45.50 and a 52-week high of $91.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. The stock’s 50-day simple moving average is $65.73 and its 200 day simple moving average is $69.16.

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

Analysts Set New Price Targets

A number of equities research analysts have commented on SHOP shares. Evercore raised their price target on shares of Shopify from $75.00 to $80.00 in a report on Thursday, August 8th. Citigroup reduced their target price on Shopify from $97.00 to $90.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Barclays increased their price target on Shopify from $63.00 to $65.00 and gave the stock an “equal weight” rating in a report on Thursday, August 8th. Loop Capital boosted their price objective on Shopify from $68.00 to $80.00 and gave the company a “hold” rating in a report on Friday, August 16th. Finally, Evercore ISI upped their target price on Shopify from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $77.30.

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.