Baldwin Investment Management LLC lifted its holdings in shares of Shopify Inc (NYSE:SHOP) (TSE:SHOP) by 14.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,700 shares of the software maker’s stock after buying an additional 350 shares during the period. Baldwin Investment Management LLC’s holdings in Shopify were worth $558,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of SHOP. WCM Investment Management LLC increased its stake in Shopify by 5.7% in the fourth quarter. WCM Investment Management LLC now owns 6,599,190 shares of the software maker’s stock valued at $913,657,000 after acquiring an additional 357,313 shares during the last quarter. Baillie Gifford & Co. increased its stake in Shopify by 56.3% in the first quarter. Baillie Gifford & Co. now owns 5,920,039 shares of the software maker’s stock valued at $1,223,199,000 after acquiring an additional 2,132,030 shares during the last quarter. Jennison Associates LLC increased its stake in Shopify by 7.0% in the first quarter. Jennison Associates LLC now owns 1,403,846 shares of the software maker’s stock valued at $290,063,000 after acquiring an additional 91,669 shares during the last quarter. CIBC World Markets Inc. increased its stake in Shopify by 378.5% in the first quarter. CIBC World Markets Inc. now owns 865,184 shares of the software maker’s stock valued at $178,764,000 after acquiring an additional 684,365 shares during the last quarter. Finally, Norges Bank acquired a new stake in Shopify in the fourth quarter valued at approximately $101,062,000. Institutional investors and hedge funds own 66.47% of the company’s stock.
Shopify stock traded up $4.99 during midday trading on Wednesday, hitting $289.03. 2,331,537 shares of the stock were exchanged, compared to its average volume of 1,663,688. The company has a quick ratio of 12.57, a current ratio of 12.56 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $34.76 billion, a PE ratio of -473.82 and a beta of 1.35. Shopify Inc has a 52-week low of $117.64 and a 52-week high of $338.94. The stock’s 50-day simple moving average is $286.03.
Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, April 30th. The software maker reported $0.09 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.35) by $0.44. The company had revenue of $320.50 million for the quarter, compared to analysts’ expectations of $310.11 million. Shopify had a negative net margin of 6.17% and a negative return on equity of 3.74%. Shopify’s revenue was up 49.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.04 EPS. As a group, analysts predict that Shopify Inc will post -0.79 EPS for the current year.
A number of analysts have weighed in on the stock. Roth Capital raised their target price on shares of Shopify from $275.00 to $225.00 in a research report on Tuesday, April 30th. Robert W. Baird raised their target price on shares of Shopify from $208.00 to $269.00 and gave the company an “outperform” rating in a research report on Tuesday, April 30th. Zacks Investment Research lowered shares of Shopify from a “buy” rating to a “hold” rating in a research report on Thursday, May 16th. Royal Bank of Canada raised their target price on shares of Shopify from $265.00 to $347.00 and gave the company an “outperform” rating in a research report on Friday, June 21st. Finally, Wedbush lowered shares of Shopify from an “outperform” rating to a “neutral” rating and raised their target price for the company from $270.00 to $305.00 in a research report on Tuesday. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $295.92.
Shopify Company Profile
Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.
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