Harbour Investments Inc. Has $1.37 Million Stock Position in Shopify Inc. (NYSE:SHOP)

Harbour Investments Inc. lowered its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,088 shares of the software maker’s stock after selling 295 shares during the period. Harbour Investments Inc.’s holdings in Shopify were worth $1,369,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Oliver Lagore Vanvalin Investment Group boosted its position in Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after buying an additional 200 shares in the last quarter. Rosenberg Matthew Hamilton raised its stake in shares of Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after acquiring an additional 133 shares during the last quarter. Cultivar Capital Inc. bought a new position in shares of Shopify during the second quarter valued at $33,000. Hazlett Burt & Watson Inc. bought a new position in shares of Shopify during the second quarter valued at $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Shopify during the second quarter valued at $39,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SHOP. Evercore ISI raised their price target on shares of Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. The Goldman Sachs Group raised their price target on shares of Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday. Argus raised shares of Shopify to a “strong-buy” rating in a research note on Thursday, August 8th. Piper Sandler raised their price target on shares of Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. lifted their target price on shares of Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $94.95.

Shopify Stock Down 5.2 %

Shares of NYSE SHOP opened at $109.08 on Friday. The stock has a market capitalization of $140.76 billion, a P/E ratio of 101.94, a P/E/G ratio of 3.64 and a beta of 2.36. The company has a 50-day moving average price of $80.36 and a 200-day moving average price of $70.50. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $115.62. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, November 12th. The software maker reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.09. Shopify had a net margin of 16.84% and a return on equity of 11.94%. The business had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.11 billion. On average, equities research analysts forecast that Shopify Inc. will post 0.76 EPS for the current fiscal 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.