Spinnaker Trust Buys New Shares in Shopify Inc. (NYSE:SHOP)

Spinnaker Trust purchased a new stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 2,837 shares of the software maker’s stock, valued at approximately $221,000.

Several other institutional investors have also added to or reduced their stakes in SHOP. Exchange Traded Concepts LLC boosted its position in Shopify by 59.3% during the 3rd quarter. Exchange Traded Concepts LLC now owns 21,140 shares of the software maker’s stock valued at $1,154,000 after buying an additional 7,869 shares during the period. Strategic Blueprint LLC boosted its position in Shopify by 5.8% during the 3rd quarter. Strategic Blueprint LLC now owns 6,129 shares of the software maker’s stock valued at $334,000 after buying an additional 337 shares during the period. Asset Management One Co. Ltd. purchased a new stake in Shopify during the 3rd quarter valued at $47,000. Simplicity Solutions LLC boosted its position in Shopify by 13.9% during the 3rd quarter. Simplicity Solutions LLC now owns 9,097 shares of the software maker’s stock valued at $496,000 after buying an additional 1,110 shares during the period. Finally, Clarius Group LLC purchased a new stake in Shopify during the 3rd quarter valued at $270,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of SHOP stock traded up $0.78 during trading hours on Friday, reaching $71.33. The company had a trading volume of 4,611,766 shares, compared to its average volume of 7,677,671. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99. The firm has a market cap of $91.77 billion, a PE ratio of 792.64 and a beta of 2.22. The business has a fifty day moving average price of $75.28 and a 200-day moving average price of $72.50. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.04. The company had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.07 billion. Shopify had a net margin of 1.87% and a return on equity of 4.48%. Sell-side analysts predict that Shopify Inc. will post 0.58 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SHOP has been the subject of several research analyst reports. UBS Group raised their target price on shares of Shopify from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 14th. Citigroup dropped their target price on shares of Shopify from $96.00 to $93.00 and set a “neutral” rating for the company in a research report on Wednesday, February 14th. Wells Fargo & Company dropped their target price on shares of Shopify from $90.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, February 14th. Jefferies Financial Group raised their target price on shares of Shopify from $65.00 to $80.00 and gave the stock a “hold” rating in a research report on Friday, January 5th. Finally, Morgan Stanley upgraded shares of Shopify from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $74.00 to $85.00 in a research note on Friday, April 19th. Three research analysts have rated the stock with a sell rating, nineteen have given a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Shopify presently has an average rating of “Hold” and a consensus target price of $78.30.

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.