Clear Creek Financial Management LLC Raises Stock Position in Shopify Inc. (NYSE:SHOP)

Clear Creek Financial Management LLC lifted its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 8.3% during the second quarter, HoldingsChannel reports. The institutional investor owned 7,043 shares of the software maker’s stock after acquiring an additional 542 shares during the period. Clear Creek Financial Management LLC’s holdings in Shopify were worth $465,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. GQG Partners LLC increased its position in Shopify by 197.9% in the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after acquiring an additional 13,885,473 shares during the period. Norges Bank acquired a new position in shares of Shopify in the fourth quarter valued at approximately $1,049,089,000. Capital World Investors raised its stake in shares of Shopify by 26.2% during the first 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 lifted its holdings in shares of Shopify by 21.2% during the first 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 purchasing an additional 5,982,434 shares during the period. Finally, Toronto Dominion Bank lifted its holdings in shares of Shopify by 214.5% during the first quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock worth $224,492,000 after purchasing an additional 1,983,996 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Performance

Shares of SHOP stock opened at $76.14 on Monday. The firm has a market capitalization of $98.12 billion, a price-to-earnings ratio of -447.88, a price-to-earnings-growth ratio of 2.50 and a beta of 2.30. The company has a 50 day moving average price of $65.56 and a 200 day moving average price of $69.25. Shopify Inc. has a one year low of $45.50 and a one year 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.

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

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Roth Mkm boosted their price objective 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. Evercore ISI increased their price target on shares of Shopify from $75.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. JMP Securities reaffirmed a “market outperform” rating and issued a $80.00 price objective on shares of Shopify in a report on Thursday, August 8th. Wedbush reiterated a “neutral” rating and set a $72.00 target price (up previously from $68.00) on shares of Shopify in a research report on Wednesday, August 7th. Finally, KeyCorp assumed coverage on Shopify in a report on Thursday, July 25th. They issued an “overweight” rating and a $80.00 price target for the company. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $77.30.

Shopify Company 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.