MCF Advisors LLC Raises Stock Position in Shopify Inc. (NYSE:SHOP)

MCF Advisors LLC raised its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 15.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,120 shares of the software maker’s stock after purchasing an additional 280 shares during the period. MCF Advisors LLC’s holdings in Shopify were worth $164,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of SHOP. Baillie Gifford & Co. raised its stake in Shopify by 2.3% in the 4th quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock valued at $4,998,476,000 after purchasing an additional 1,419,749 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Shopify by 3.0% in the fourth quarter. Vanguard Group Inc. now owns 42,168,291 shares of the software maker’s stock valued at $3,284,910,000 after buying an additional 1,242,067 shares during the last quarter. Capital World Investors lifted its stake in shares of Shopify by 28.7% in the fourth quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock worth $3,071,197,000 after buying an additional 8,789,411 shares in the last quarter. Capital International Investors boosted its position in Shopify by 9.7% during the fourth quarter. Capital International Investors now owns 15,849,638 shares of the software maker’s stock worth $1,235,534,000 after acquiring an additional 1,399,562 shares during the last quarter. Finally, Norges Bank purchased a new stake in Shopify during the 4th quarter valued at about $1,049,089,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on SHOP. Scotiabank decreased their target price on shares of Shopify from $80.00 to $75.00 and set a “sector perform” rating on the stock in a research note on Thursday, May 9th. Moffett Nathanson lowered Shopify from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $74.00 to $65.00 in a research note on Thursday, June 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of Shopify in a research note on Thursday, May 9th. JPMorgan Chase & Co. initiated coverage on Shopify in a report on Tuesday, June 11th. They set an “overweight” rating and a $74.00 price target on the stock. Finally, StockNews.com raised shares of Shopify from a “sell” rating to a “hold” rating in a report on Wednesday, April 24th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $76.42.

Shopify Price Performance

Shares of SHOP opened at $66.05 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.14 and a current ratio of 7.14. The firm’s fifty day simple moving average is $64.20 and its 200-day simple moving average is $73.01. Shopify Inc. has a twelve month low of $45.50 and a twelve month high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.04. The business had revenue of $1.86 billion for 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, equities research analysts expect that Shopify Inc. will post 0.61 EPS for the current year.

About Shopify

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.