Spinnaker Trust Purchases 119 Shares of Shopify Inc. $SHOP

Spinnaker Trust grew its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 5.6% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,256 shares of the software maker’s stock after buying an additional 119 shares during the quarter. Spinnaker Trust’s holdings in Shopify were worth $260,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of SHOP. Savvy Advisors Inc. increased its stake in shares of Shopify by 18.5% during the 2nd quarter. Savvy Advisors Inc. now owns 2,656 shares of the software maker’s stock worth $306,000 after purchasing an additional 415 shares during the last quarter. Assetmark Inc. increased its stake in shares of Shopify by 95.8% during the 2nd quarter. Assetmark Inc. now owns 182,916 shares of the software maker’s stock worth $21,099,000 after purchasing an additional 89,476 shares during the last quarter. Emerald Mutual Fund Advisers Trust purchased a new stake in shares of Shopify during the 2nd quarter worth approximately $254,000. Arkadios Wealth Advisors increased its stake in shares of Shopify by 7.6% during the 2nd quarter. Arkadios Wealth Advisors now owns 12,880 shares of the software maker’s stock worth $1,486,000 after purchasing an additional 910 shares during the last quarter. Finally, Barnes Dennig Private Wealth Management LLC purchased a new stake in shares of Shopify during the 2nd quarter worth approximately $142,000. Institutional investors own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on SHOP shares. Needham & Company LLC started coverage on shares of Shopify in a research note on Monday, July 14th. They set a “buy” rating and a $135.00 price target for the company. KeyCorp raised their price target on shares of Shopify from $175.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday. Atb Cap Markets lowered shares of Shopify from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 6th. Arete restated a “neutral” rating on shares of Shopify in a research note on Wednesday, July 23rd. Finally, Robert W. Baird lifted their price objective on shares of Shopify from $160.00 to $170.00 and gave the company an “outperform” rating in a research note on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twenty-two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $155.35.

Shopify Trading Down 3.0%

Shopify stock opened at $173.61 on Friday. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $182.19. The firm has a market capitalization of $225.63 billion, a price-to-earnings ratio of 96.99, a P/E/G ratio of 8.38 and a beta of 2.72. The firm has a 50 day simple moving average of $152.94 and a 200 day simple moving average of $126.64.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. The firm had revenue of $2.68 billion during 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 business’s revenue for the quarter was up 31.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.26 EPS. On average, equities research analysts forecast that Shopify Inc. will post 1.12 EPS for the current year.

Shopify 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.