Manitou Investment Management Ltd. increased its stake in Shopify Inc. (NYSE:SHOP) by 17.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,080 shares of the company’s stock after buying an additional 2,350 shares during the period. Manitou Investment Management Ltd.’s holdings in Shopify were worth $495,000 as of its most recent filing with the SEC.
Other large investors also recently modified their holdings of the company. Bayesian Capital Management LP bought a new stake in shares of Shopify during the first quarter valued at approximately $238,000. HL Financial Services LLC bought a new stake in shares of Shopify during the second quarter valued at approximately $442,000. Hamilton Lane Advisors LLC raised its stake in shares of Shopify by 26.2% in the second quarter. Hamilton Lane Advisors LLC now owns 27,981 shares of the company’s stock valued at $820,000 after buying an additional 5,806 shares during the last quarter. Bank of Montreal Can bought a new stake in shares of Shopify during the second quarter valued at approximately $9,712,000. Finally, Insight Holdings Group LLC raised its stake in shares of Shopify by 939.0% in the second quarter. Insight Holdings Group LLC now owns 2,444,839 shares of the company’s stock valued at $75,203,000 after buying an additional 2,209,539 shares during the last quarter. Institutional investors own 54.07% of the company’s stock.
Shares of Shopify Inc. (NYSE:SHOP) traded up 1.09% during mid-day trading on Tuesday, hitting $42.48. The stock had a trading volume of 230,789 shares. The firm’s market cap is $3.48 billion. Shopify Inc. has a one year low of $18.48 and a one year high of $45.20. The company has a 50-day moving average of $42.58 and a 200 day moving average of $34.42.
Shopify (NYSE:SHOP) last announced its earnings results on Wednesday, August 3rd. The company reported ($0.04) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.08) by $0.04. Shopify had a negative return on equity of 14.67% and a negative net margin of 10.03%. The business earned $86.36 million during the quarter, compared to analysts’ expectations of $80.62 million. During the same quarter last year, the business posted ($0.03) earnings per share. The company’s quarterly revenue was up 92.9% on a year-over-year basis. On average, equities research analysts forecast that Shopify Inc. will post ($0.15) earnings per share for the current year.
Several equities research analysts have commented on the stock. Wedbush restated an “outperform” rating and set a $35.00 target price (down from $40.00) on shares of Shopify in a research report on Wednesday, August 3rd. Canaccord Genuity reaffirmed a “buy” rating and set a $44.00 price target on shares of Shopify in a research note on Thursday, August 4th. Pacific Crest reaffirmed a “buy” rating on shares of Shopify in a research note on Friday, October 7th. Goldman Sachs Group Inc. began coverage on Shopify in a research note on Tuesday, October 4th. They set a “buy” rating and a $53.00 price target for the company. Finally, Zacks Investment Research raised Shopify from a “hold” rating to a “buy” rating and set a $36.00 price target for the company in a research note on Tuesday, July 12th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $41.04.
Shopify Inc is a provider of cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, social media storefronts, such as Facebook, Twitter and Pinterest, and physical retail locations.
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