Grassi Investment Management Has $5.30 Million Holdings in Shopify Inc. $SHOP

Grassi Investment Management lessened its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 1.0% during the second quarter, Holdings Channel.com reports. The firm owned 45,955 shares of the software maker’s stock after selling 450 shares during the quarter. Grassi Investment Management’s holdings in Shopify were worth $5,301,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Family Legacy Financial Solutions LLC acquired a new position in Shopify during the 2nd quarter worth about $25,000. Coastline Trust Co acquired a new position in shares of Shopify in the second quarter worth approximately $29,000. Smithfield Trust Co lifted its stake in shares of 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 acquiring an additional 188 shares during the period. Dagco Inc. acquired a new position in shares of Shopify in the first quarter worth approximately $30,000. Finally, Global Wealth Strategies & Associates lifted its position in shares of Shopify by 182.8% in the 2nd quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker’s stock worth $30,000 after purchasing an additional 170 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SHOP. Weiss Ratings restated a “hold (c)” rating on shares of Shopify in a research report on Saturday, September 27th. Canaccord Genuity Group boosted their target price on shares of Shopify from $115.00 to $165.00 and gave the company a “buy” rating in a report on Thursday, August 7th. Bank of America boosted their price objective on Shopify from $110.00 to $185.00 and gave the company a “buy” rating in a research note on Thursday, August 7th. Royal Bank Of Canada boosted their price objective on Shopify from $145.00 to $170.00 and gave the company an “outperform” rating in a research note on Thursday, August 7th. Finally, KeyCorp reissued an “overweight” rating and issued a $175.00 price target (up from $145.00) on shares of Shopify in a research note on Thursday, August 7th. Twenty-two investment analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Shopify presently has a consensus rating of “Hold” and an average target price of $150.59.

Shopify Price Performance

SHOP opened at $161.14 on Friday. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $162.60. The firm has a market capitalization of $209.43 billion, a PE ratio of 90.02, a P/E/G ratio of 7.17 and a beta of 2.72. The company’s 50-day moving average is $142.78 and its 200 day moving average is $117.13.

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