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.
COPYRIGHT VIOLATION NOTICE: “21,700 Shares in Shopify Inc (SHOP) Acquired by Barometer Capital Management Inc.” was reported by Equities Focus and is owned by of Equities Focus. If you are viewing this piece on another website, it was stolen and reposted in violation of US and international copyright laws. The correct version of this piece can be accessed at https://www.equitiesfocus.com/2019/04/19/21700-shares-in-shopify-inc-shop-acquired-by-barometer-capital-management-inc.html.
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.
Read More: Dividend
Want to see what other hedge funds are holding SHOP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Shopify Inc (NYSE:SHOP) (TSE:SHOP).
Receive News & Ratings for Shopify Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Shopify and related companies with MarketBeat.com's FREE daily email newsletter.