Shopify Inc. $SHOP Shares Bought by Confluence Investment Management LLC

Confluence Investment Management LLC grew its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 3.0% in the 2nd quarter, Holdings Channel.com reports. The fund owned 8,366 shares of the software maker’s stock after purchasing an additional 240 shares during the quarter. Confluence Investment Management LLC’s holdings in Shopify were worth $965,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Quadcap Wealth Management LLC grew its holdings in Shopify by 0.9% during the 1st quarter. Quadcap Wealth Management LLC now owns 11,133 shares of the software maker’s stock worth $1,063,000 after acquiring an additional 103 shares in the last quarter. Fullcircle Wealth LLC lifted its position in shares of Shopify by 2.7% in the 1st quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker’s stock worth $418,000 after buying an additional 110 shares during the last quarter. Avidian Wealth Enterprises LLC lifted its position in shares of Shopify by 3.4% in the 1st quarter. Avidian Wealth Enterprises LLC now owns 3,533 shares of the software maker’s stock worth $337,000 after buying an additional 116 shares during the last quarter. SVB Wealth LLC lifted its position in shares of Shopify by 2.2% in the 1st quarter. SVB Wealth LLC now owns 5,415 shares of the software maker’s stock worth $517,000 after buying an additional 119 shares during the last quarter. Finally, Pinnacle Financial Partners Inc lifted its position in shares of Shopify by 4.0% in the 1st quarter. Pinnacle Financial Partners Inc now owns 3,233 shares of the software maker’s stock worth $320,000 after buying an additional 125 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SHOP. Royal Bank Of Canada raised their price target on shares of Shopify from $145.00 to $170.00 and gave the stock an “outperform” rating in a research report on Thursday, August 7th. Wedbush raised their price target on shares of Shopify from $115.00 to $160.00 and gave the stock an “outperform” rating in a research report on Thursday, August 7th. Canaccord Genuity Group raised their price target on shares of Shopify from $115.00 to $165.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Benchmark restated a “buy” rating and issued a $140.00 price target (up from $125.00) on shares of Shopify in a research report on Tuesday, August 5th. Finally, UBS Group raised their price target on shares of Shopify from $110.00 to $145.00 and gave the stock a “neutral” rating in a research report on Thursday, August 7th. Twenty-four equities research analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $150.27.

Shopify Stock Down 1.1%

Shares of NASDAQ:SHOP opened at $143.38 on Friday. The company has a market cap of $186.35 billion, a PE ratio of 80.10, a P/E/G ratio of 6.87 and a beta of 2.69. The company’s 50-day moving average price is $133.77 and its 200 day moving average price is $112.03. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $156.85.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.06. The firm had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a net margin of 23.42% and a return on equity of 12.30%. Shopify’s quarterly revenue was up 31.1% compared to the same quarter last year. During the same period last year, the firm posted $0.26 EPS. As a group, equities analysts anticipate 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.