Crestwood Advisors Group LLC Grows Stake in Shopify Inc. (NYSE:SHOP)

Crestwood Advisors Group LLC increased its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.6% in the 2nd quarter, Holdings Channel reports. The firm owned 55,087 shares of the software maker’s stock after purchasing an additional 875 shares during the period. Crestwood Advisors Group LLC’s holdings in Shopify were worth $3,638,000 at the end of the most recent reporting period.

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

Shopify Trading Up 1.1 %

NYSE:SHOP opened at $74.07 on Tuesday. Shopify Inc. has a 12-month low of $45.50 and a 12-month high of $91.57. The firm has a market cap of $95.45 billion, a PE ratio of -435.71, a price-to-earnings-growth ratio of 2.48 and a beta of 2.30. 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 fifty day moving average price of $66.67 and a 200 day moving average price of $68.78.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share (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 company had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. During the same quarter last year, the company earned ($0.08) EPS. Shopify’s revenue for the quarter was up 20.7% compared to the same quarter last year. Sell-side analysts anticipate that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Bank of America raised shares of Shopify from a “neutral” rating to a “buy” rating and upped their price objective for the company from $78.00 to $82.00 in a research note on Tuesday, July 16th. Atb Cap Markets upgraded Shopify from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, May 8th. UBS Group lifted their price objective on Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. boosted their price objective on Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Finally, KeyCorp initiated coverage on Shopify in a research note on Thursday, July 25th. They issued an “overweight” rating and a $80.00 target price for the company. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average 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.