Cornerstone Capital Inc. Acquires 17,647 Shares of Shopify Inc. (NYSE:SHOP)

Cornerstone Capital Inc. increased its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 307,880 shares of the software maker’s stock after acquiring an additional 17,647 shares during the quarter. Shopify comprises about 2.6% of Cornerstone Capital Inc.’s investment portfolio, making the stock its 12th biggest holding. Cornerstone Capital Inc.’s holdings in Shopify were worth $23,984,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Spinnaker Trust bought a new stake in Shopify during the 4th quarter valued at about $221,000. K.J. Harrison & Partners Inc bought a new stake in Shopify during the 4th quarter valued at about $404,000. Blodgett Wealth Advisors LLC bought a new stake in Shopify during the 4th quarter valued at about $243,000. Boyd Watterson Asset Management LLC OH increased its stake in Shopify by 4.7% during the 4th quarter. Boyd Watterson Asset Management LLC OH now owns 27,652 shares of the software maker’s stock valued at $2,154,000 after purchasing an additional 1,243 shares in the last quarter. Finally, Callan Capital LLC bought a new stake in Shopify during the 4th quarter valued at about $380,000. 69.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on SHOP shares. Piper Sandler restated an “underweight” rating and set a $63.00 price objective on shares of Shopify in a research note on Thursday, April 11th. Wells Fargo & Company reduced their price objective on shares of Shopify from $90.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, February 14th. Royal Bank of Canada reiterated an “outperform” rating and issued a $100.00 price target on shares of Shopify in a research note on Wednesday, February 14th. Loop Capital reduced their price target on shares of Shopify from $90.00 to $80.00 and set a “hold” rating for the company in a research note on Monday, April 15th. Finally, Robert W. Baird lifted their price target on shares of Shopify from $85.00 to $87.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 3rd. Three research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $78.30.

Shopify Price Performance

SHOP stock opened at $71.33 on Friday. The company has a market capitalization of $91.77 billion, a PE ratio of 792.64 and a beta of 2.22. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57. 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 company’s fifty day moving average price is $75.28 and its 200-day moving average price is $72.63.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04. The firm 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%. On average, equities analysts anticipate that Shopify Inc. will post 0.58 EPS for the current fiscal year.

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.