21,700 Shares in Shopify Inc (SHOP) Acquired by Barometer Capital Management Inc.

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Barometer Capital Management Inc. purchased a new stake in shares of Shopify Inc (NYSE:SHOP) (TSE:SHOP) during the 1st quarter, HoldingsChannel reports. The fund purchased 21,700 shares of the software maker’s stock, valued at approximately $5,986,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SHOP. Norges Bank bought a new position in shares of Shopify during the 4th quarter valued at $101,062,000. Baillie Gifford & Co. increased its stake in shares of Shopify by 21.7% in the 4th quarter. Baillie Gifford & Co. now owns 3,788,009 shares of the software maker’s stock worth $524,449,000 after purchasing an additional 674,648 shares in the last quarter. WCM Investment Management LLC increased its stake in shares of Shopify by 5.7% in the 4th quarter. WCM Investment Management LLC now owns 6,599,190 shares of the software maker’s stock worth $913,657,000 after purchasing an additional 357,313 shares in the last quarter. Toronto Dominion Bank increased its stake in shares of Shopify by 492.2% in the 4th quarter. Toronto Dominion Bank now owns 392,788 shares of the software maker’s stock worth $54,381,000 after purchasing an additional 326,462 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in shares of Shopify by 246.7% in the 3rd quarter. Legal & General Group Plc now owns 282,280 shares of the software maker’s stock worth $46,414,000 after purchasing an additional 200,868 shares in the last quarter. 64.95% of the stock is currently owned by hedge funds and other institutional investors.

Shares of SHOP stock opened at $220.72 on Friday. Shopify Inc has a 52-week low of $117.64 and a 52-week high of $221.82. The company has a quick ratio of 15.35, a current ratio of 15.35 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $23.91 billion, a price-to-earnings ratio of -361.84 and a beta of 1.53.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, February 12th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.06) by $0.32. Shopify had a negative return on equity of 3.52% and a negative net margin of 6.01%. The business had revenue of $344.00 million during the quarter, compared to analyst estimates of $327.45 million. During the same quarter in the prior year, the business posted $0.15 EPS. Shopify’s revenue for the quarter was up 54.3% compared to the same quarter last year. Analysts expect that Shopify Inc will post -0.99 EPS for the current year.

SHOP has been the subject of several analyst reports. DA Davidson upgraded Shopify from a “neutral” rating to a “buy” rating and set a $150.00 price objective for the company in a research note on Friday, December 21st. Zacks Investment Research lowered Shopify from a “hold” rating to a “sell” rating in a research note on Thursday, January 3rd. Wedbush restated an “outperform” rating and issued a $177.00 price objective on shares of Shopify in a research note on Monday, January 28th. Royal Bank of Canada upped their price objective on Shopify from $159.00 to $180.00 and gave the stock a “sector perform” rating in a research note on Monday, February 11th. Finally, Canaccord Genuity upped their price objective on Shopify from $165.00 to $190.00 and gave the stock a “buy” rating in a research note on Tuesday, February 12th. Six analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $195.80.

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Shopify Profile

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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