Comerica Bank Boosts Stake in Shopify Inc (SHOP)

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Comerica Bank grew its position in shares of Shopify Inc (NYSE:SHOP) (TSE:SHOP) by 1.0% in the first quarter, according to its most recent filing with the SEC. The fund owned 9,102 shares of the software maker’s stock after acquiring an additional 89 shares during the quarter. Comerica Bank’s holdings in Shopify were worth $1,880,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Proficio Capital Partners LLC boosted its position in shares of Shopify by 7.4% during the 4th quarter. Proficio Capital Partners LLC now owns 1,079 shares of the software maker’s stock valued at $149,000 after acquiring an additional 74 shares during the last quarter. Avitas Wealth Management LLC boosted its position in shares of Shopify by 0.8% during the 1st quarter. Avitas Wealth Management LLC now owns 9,893 shares of the software maker’s stock valued at $2,044,000 after acquiring an additional 76 shares during the last quarter. TCI Wealth Advisors Inc. boosted its position in shares of Shopify by 70.6% during the 1st quarter. TCI Wealth Advisors Inc. now owns 186 shares of the software maker’s stock valued at $38,000 after acquiring an additional 77 shares during the last quarter. Flagship Harbor Advisors LLC boosted its position in shares of Shopify by 2.3% during the 1st quarter. Flagship Harbor Advisors LLC now owns 4,342 shares of the software maker’s stock valued at $897,000 after acquiring an additional 97 shares during the last quarter. Finally, Reilly Financial Advisors LLC boosted its position in shares of Shopify by 63.7% during the 4th quarter. Reilly Financial Advisors LLC now owns 257 shares of the software maker’s stock valued at $36,000 after acquiring an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 64.75% of the company’s stock.

NYSE:SHOP opened at $275.85 on Monday. Shopify Inc has a fifty-two week low of $117.64 and a fifty-two week high of $280.95. The firm has a market cap of $30.75 billion, a P/E ratio of -452.21 and a beta of 1.57. The company has a debt-to-equity ratio of 0.05, a quick ratio of 12.57 and a current ratio of 12.56.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, April 30th. The software maker reported $0.09 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.35) by $0.44. Shopify had a negative return on equity of 3.74% and a negative net margin of 6.17%. The company had revenue of $320.50 million for the quarter, compared to analyst estimates of $310.11 million. During the same quarter in the prior year, the firm posted $0.04 EPS. Shopify’s quarterly revenue was up 49.6% compared to the same quarter last year. Sell-side analysts forecast that Shopify Inc will post -0.86 EPS for the current year.

A number of research analysts have recently commented on the company. Roth Capital increased their target price on Shopify from $275.00 to $225.00 in a research report on Tuesday, April 30th. Robert W. Baird increased their price target on Shopify from $208.00 to $269.00 and gave the company an “outperform” rating in a report on Tuesday, April 30th. Zacks Investment Research lowered Shopify from a “buy” rating to a “hold” rating in a report on Thursday, May 16th. Macquarie increased their price target on Shopify to $230.00 and gave the company an “outperform” rating in a report on Wednesday, March 27th. Finally, Piper Jaffray Companies increased their price target on Shopify from $149.00 to $216.00 and gave the company a “neutral” rating in a report on Tuesday, April 30th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the stock. Shopify has an average rating of “Buy” and an average target price of $240.81.

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About Shopify

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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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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