Evolutionary Tree Capital Management LLC Has $2.77 Million Position in Shopify Inc. (NYSE:SHOP)

Evolutionary Tree Capital Management LLC raised its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 31.4% during the 2nd quarter, HoldingsChannel reports. The firm owned 41,993 shares of the software maker’s stock after purchasing an additional 10,028 shares during the quarter. Shopify comprises 2.9% of Evolutionary Tree Capital Management LLC’s holdings, making the stock its 14th biggest position. Evolutionary Tree Capital Management LLC’s holdings in Shopify were worth $2,774,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Norden Group LLC acquired a new position in shares of Shopify during the 1st quarter worth about $3,618,000. Silvercrest Asset Management Group LLC lifted its holdings in shares of Shopify by 735.0% during the first quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock worth $4,084,000 after buying an additional 46,589 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its position in shares of 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 period. FIL Ltd grew its stake in shares of Shopify by 1.8% in the fourth quarter. FIL Ltd now owns 13,303,001 shares of the software maker’s stock worth $1,035,688,000 after acquiring an additional 238,596 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Shopify by 1.7% during the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after acquiring an additional 713,064 shares during the period. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on SHOP shares. Roth Mkm increased their price target on shares of Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Argus raised Shopify to a “strong-buy” rating in a research report on Thursday, August 8th. DZ Bank cut Shopify from a “hold” rating to a “sell” rating in a report on Friday, August 9th. The Goldman Sachs Group raised their price objective on Shopify from $67.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, May 28th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $77.92.

Shopify Price Performance

SHOP opened at $78.72 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. The stock has a market capitalization of $101.45 billion, a P/E ratio of -463.06, a price-to-earnings-growth ratio of 2.47 and a beta of 2.35. The company’s 50 day simple moving average is $68.41 and its 200-day simple moving average is $68.38. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. The firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The business’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same period last year, the company earned ($0.08) EPS. Sell-side analysts anticipate that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

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.