Silvercrest Asset Management Group LLC Purchases 46,589 Shares of Shopify Inc. (NYSE:SHOP)

Silvercrest Asset Management Group LLC lifted its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 735.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 52,928 shares of the software maker’s stock after purchasing an additional 46,589 shares during the quarter. Silvercrest Asset Management Group LLC’s holdings in Shopify were worth $4,084,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in SHOP. Blue Trust Inc. lifted its stake in Shopify by 537.6% during the fourth quarter. Blue Trust Inc. now owns 1,339 shares of the software maker’s stock worth $104,000 after purchasing an additional 1,129 shares during the last quarter. Pinnacle Associates Ltd. bought a new stake in Shopify in the 4th quarter worth approximately $274,000. Secure Asset Management LLC purchased a new stake in Shopify in the fourth quarter worth approximately $245,000. Ascent Wealth Partners LLC grew its position in Shopify by 2.4% during the fourth quarter. Ascent Wealth Partners LLC now owns 24,337 shares of the software maker’s stock valued at $1,896,000 after acquiring an additional 575 shares during the last quarter. Finally, StoneCrest Wealth Management Inc. purchased a new position in shares of Shopify during the fourth quarter worth approximately $1,164,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Trading Down 0.7 %

SHOP traded down $0.40 during trading hours on Tuesday, reaching $59.47. 4,494,981 shares of the company’s stock traded hands, compared to its average volume of 9,932,960. The firm has a 50-day moving average price of $63.04 and a 200 day moving average price of $71.10. The firm has a market capitalization of $76.64 billion, a PE ratio of -355.65, a PEG ratio of 3.47 and a beta of 2.30. The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.10. Shopify Inc. has a 52-week low of $45.50 and a 52-week 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 (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 analyst estimates 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 predict that Shopify Inc. will post 0.62 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on SHOP shares. Atb Cap Markets raised Shopify from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, May 8th. KeyCorp began coverage on Shopify in a research report on Thursday, July 25th. They set an “overweight” rating and a $80.00 price target on the stock. Bank of America raised shares of Shopify from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $78.00 to $82.00 in a research note on Tuesday, July 16th. The Goldman Sachs Group increased their price objective on Shopify from $67.00 to $74.00 and gave the stock a “buy” rating in a report on Tuesday, May 28th. Finally, JMP Securities upgraded Shopify from a “market perform” rating to an “outperform” rating and set a $80.00 price objective on the stock in a research report on Thursday, May 9th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and twenty-three have given a buy rating to the company. According to data from MarketBeat, Shopify presently has an average rating of “Moderate Buy” and an average price target of $77.62.

Shopify Company 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.