HighPoint Advisor Group LLC Invests $1.35 Million in Shopify Inc. (NYSE:SHOP)

HighPoint Advisor Group LLC bought a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 17,229 shares of the software maker’s stock, valued at approximately $1,351,000.

A number of other hedge funds also recently added to or reduced their stakes in SHOP. Korea Investment CORP lifted its holdings in Shopify by 17.4% during the 3rd quarter. Korea Investment CORP now owns 545,035 shares of the software maker’s stock worth $29,888,000 after buying an additional 80,722 shares in the last quarter. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Shopify in the 3rd quarter valued at approximately $1,492,000. Envestnet Asset Management Inc. increased its position in shares of Shopify by 17.7% in the 3rd quarter. Envestnet Asset Management Inc. now owns 827,520 shares of the software maker’s stock valued at $45,158,000 after purchasing an additional 124,266 shares during the last quarter. Robertson Stephens Wealth Management LLC increased its position in shares of Shopify by 38.4% in the 3rd quarter. Robertson Stephens Wealth Management LLC now owns 11,519 shares of the software maker’s stock valued at $629,000 after purchasing an additional 3,194 shares during the last quarter. Finally, Polen Capital Management LLC increased its position in shares of Shopify by 2.0% in the 3rd quarter. Polen Capital Management LLC now owns 802,650 shares of the software maker’s stock valued at $43,801,000 after purchasing an additional 16,046 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SHOP has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Shopify from $95.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, May 9th. Canaccord Genuity Group dropped their target price on shares of Shopify from $90.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, May 9th. Benchmark reaffirmed a “hold” rating on shares of Shopify in a research report on Tuesday, May 7th. TD Securities lowered their price objective on shares of Shopify from $80.00 to $72.00 and set a “hold” rating on the stock in a research report on Thursday, May 9th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Shopify in a research report on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $76.49.

Shopify Price Performance

Shopify stock opened at $64.25 on Wednesday. Shopify Inc. has a 1 year low of $45.50 and a 1 year high of $91.57. The firm has a 50 day moving average price of $64.98 and a 200 day moving average price of $73.44. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.14 and a current ratio of 7.14.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.04. The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.84 billion. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. As a group, sell-side analysts forecast that Shopify Inc. will post 0.57 EPS for the current fiscal 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.