Creekmur Asset Management LLC Grows Holdings in Shopify Inc. $SHOP

Creekmur Asset Management LLC grew its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 19.1% in the second quarter, Holdings Channel.com reports. The institutional investor owned 18,741 shares of the software maker’s stock after buying an additional 3,005 shares during the quarter. Creekmur Asset Management LLC’s holdings in Shopify were worth $2,162,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of SHOP. Family Legacy Financial Solutions LLC purchased a new position in Shopify in the 2nd quarter worth approximately $25,000. Tradewinds Capital Management LLC grew its stake in Shopify by 71.4% in the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock worth $28,000 after buying an additional 100 shares in the last quarter. Coastline Trust Co purchased a new stake in Shopify in the second quarter worth approximately $29,000. Smithfield Trust Co boosted its stake in Shopify by 149.2% in the first quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock worth $30,000 after buying an additional 188 shares in the last quarter. Finally, Dagco Inc. purchased a new stake in Shopify in the first quarter worth approximately $30,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

SHOP has been the subject of several research reports. CIBC upped their target price on Shopify from $145.00 to $185.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. Cantor Fitzgerald set a $156.00 price objective on shares of Shopify and gave the company a “neutral” rating in a research note on Wednesday, August 27th. Needham & Company LLC initiated coverage on shares of Shopify in a research note on Monday, July 14th. They issued a “buy” rating and a $135.00 price objective for the company. Evercore ISI upped their price objective on shares of Shopify from $120.00 to $170.00 and gave the company an “outperform” rating in a research note on Friday, August 8th. Finally, TD Securities upped their price objective on shares of Shopify from $130.00 to $156.00 and gave the company a “hold” rating in a research note on Friday, October 3rd. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twenty-two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and a consensus target price of $155.35.

Shopify Stock Down 3.0%

Shares of SHOP opened at $173.61 on Friday. The stock has a market capitalization of $225.63 billion, a P/E ratio of 96.99, a PEG ratio of 8.38 and a beta of 2.72. The firm has a fifty day simple moving average of $152.94 and a two-hundred day simple moving average of $126.64. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.06. The business had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.55 billion. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The firm’s revenue for the quarter was up 31.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.26 EPS. Sell-side analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

About Shopify

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.