Shopify Inc. (NYSE:SHOP) Holdings Lifted by Cidel Asset Management Inc.

Cidel Asset Management Inc. increased its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 21.1% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 71,695 shares of the software maker’s stock after purchasing an additional 12,508 shares during the period. Shopify accounts for 4.2% of Cidel Asset Management Inc.’s investment portfolio, making the stock its 4th largest position. Cidel Asset Management Inc. owned about 0.06% of Shopify worth $104,961,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Stonebridge Capital Advisors LLC bought a new position in Shopify in the 1st quarter worth about $30,000. Barrett Asset Management LLC bought a new position in shares of Shopify during the 1st quarter valued at about $34,000. Atlas Private Wealth Advisors bought a new position in shares of Shopify during the 2nd quarter valued at about $37,000. JNBA Financial Advisors bought a new position in shares of Shopify during the 2nd quarter valued at about $37,000. Finally, Selective Wealth Management Inc. bought a new position in shares of Shopify during the 2nd quarter valued at about $37,000. 60.06% of the stock is currently owned by institutional investors and hedge funds.

Several equities analysts recently issued reports on SHOP shares. Susquehanna Bancshares raised their price target on Shopify from $1,500.00 to $1,800.00 and gave the stock a “positive” rating in a research report on Thursday, July 22nd. KeyCorp raised their price target on Shopify from $1,650.00 to $1,750.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 28th. Argus raised their price target on Shopify from $1,650.00 to $1,850.00 and gave the stock a “buy” rating in a research report on Thursday, July 29th. DA Davidson raised their price target on Shopify from $1,275.00 to $1,450.00 and gave the stock a “neutral” rating in a research report on Thursday, July 29th. Finally, Stifel Nicolaus increased their price objective on Shopify from $1,600.00 to $1,650.00 and gave the stock a “buy” rating in a report on Wednesday, July 28th. They noted that the move was a valuation call. Eleven research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $1,635.53.

NYSE SHOP traded up $2.33 on Wednesday, hitting $1,453.61. 33,679 shares of the company traded hands, compared to its average volume of 1,311,272. The company has a market capitalization of $181.36 billion, a price-to-earnings ratio of 75.16, a P/E/G ratio of 28.48 and a beta of 1.45. The company has a current ratio of 16.55, a quick ratio of 16.55 and a debt-to-equity ratio of 0.10. The business’s 50 day moving average price is $1,515.62 and its 200-day moving average price is $1,323.14. Shopify Inc. has a 52-week low of $839.40 and a 52-week high of $1,650.00.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, July 28th. The software maker reported $2.24 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $2.01. The business had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.04 billion. Shopify had a return on equity of 7.15% and a net margin of 63.65%. As a group, sell-side analysts predict that Shopify Inc. will post 2.08 earnings per share for the current year.

Shopify Company Profile

Shopify, Inc operates a cloud-based commerce platform designed for small and medium-sized businesses. Its software is used by merchants to run business across all sales channels, including web, tablet and mobile storefronts, social media storefronts, and brick-and-mortar and pop-up shops. The firm’s platform provides merchants with a single view of business and customers and enables them to manage products and inventory, process orders and payments, build customer relationships and leverage analytics and reporting.

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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