Thurston Springer Miller Herd & Titak Inc. Makes New Investment in Shopify Inc. (NYSE:SHOP)

Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 591 shares of the software maker’s stock, valued at approximately $39,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Marcum Wealth LLC lifted its holdings in Shopify by 7.4% during the second quarter. Marcum Wealth LLC now owns 10,645 shares of the software maker’s stock worth $703,000 after acquiring an additional 733 shares during the period. Kathmere Capital Management LLC bought a new position in Shopify during the second quarter valued at about $184,000. Confluence Investment Management LLC increased its holdings in Shopify by 2.3% during the second quarter. Confluence Investment Management LLC now owns 9,265 shares of the software maker’s stock worth $612,000 after buying an additional 207 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in Shopify by 73.3% during the first quarter. EverSource Wealth Advisors LLC now owns 2,439 shares of the software maker’s stock worth $171,000 after buying an additional 1,032 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its stake in Shopify by 5.8% in the first quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock valued at $40,838,000 after acquiring an additional 28,639 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Trading Up 3.8 %

Shopify stock traded up $1.96 during trading hours on Tuesday, reaching $54.22. The company had a trading volume of 18,325,922 shares, compared to its average volume of 10,093,497. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.14 and a quick ratio of 7.14. Shopify Inc. has a 12-month low of $45.50 and a 12-month high of $91.57. The company has a 50-day moving average price of $63.00 and a 200 day moving average price of $70.28. The firm has a market cap of $69.87 billion, a price-to-earnings ratio of -319.53, a P/E/G ratio of 3.15 and a beta of 2.30.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, May 8th. The software maker reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.04. The company had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.84 billion. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. Equities analysts forecast that Shopify Inc. will post 0.62 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Morgan Stanley raised shares of Shopify from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $74.00 to $85.00 in a report on Friday, April 19th. Loop Capital decreased their price objective on Shopify from $90.00 to $80.00 and set a “hold” rating for the company in a report on Monday, April 15th. JPMorgan Chase & Co. assumed coverage on shares of Shopify in a report on Tuesday, June 11th. They set an “overweight” rating and a $74.00 price objective on the stock. BNP Paribas upgraded shares of Shopify from an “underperform” rating to an “outperform” rating in a research note on Thursday, May 2nd. Finally, Moffett Nathanson cut shares of Shopify from a “buy” rating to a “neutral” rating and dropped their price target for the company from $74.00 to $65.00 in a research note on Thursday, June 6th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.68.

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.