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

SlateStone Wealth LLC acquired a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 5,695 shares of the software maker’s stock, valued at approximately $376,000.

Several other institutional investors have also recently added to or reduced their stakes in the company. Capital World Investors boosted its holdings in shares of Shopify by 26.2% in the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after purchasing an additional 10,340,040 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Shopify by 1.7% in the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock valued at $3,309,154,000 after acquiring an additional 713,064 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in 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 acquiring an additional 5,982,434 shares during the last quarter. GQG Partners LLC raised its holdings in shares of Shopify by 197.9% in the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after purchasing an additional 13,885,473 shares during the period. Finally, Capital International Investors lifted its stake in shares of Shopify by 3.4% in the 1st quarter. Capital International Investors now owns 16,392,141 shares of the software maker’s stock valued at $1,264,982,000 after purchasing an additional 542,503 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Performance

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

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its 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. The firm had revenue of $2.05 billion during 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 company’s revenue was up 20.7% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.08) earnings per share. As a group, sell-side analysts forecast that Shopify Inc. will post 0.76 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on SHOP shares. JMP Securities reaffirmed a “market outperform” rating and issued a $80.00 target price on shares of Shopify in a research report on Thursday, August 8th. Scotiabank lowered their price objective on shares of Shopify from $80.00 to $75.00 and set a “sector perform” rating for the company in a research report on Thursday, May 9th. JPMorgan Chase & Co. boosted their target price on shares of Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Loop Capital upped their target price on shares of Shopify from $68.00 to $80.00 and gave the company a “hold” rating in a research note on Friday, August 16th. Finally, Mizuho dropped their price target on shares of Shopify from $75.00 to $65.00 and set a “neutral” rating on the stock in a research note on Thursday, May 9th. One investment 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 given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average 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.