SeaCrest Wealth Management LLC Purchases 382 Shares of Shopify Inc. (NYSE:SHOP)

SeaCrest Wealth Management LLC raised its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.6% during the first quarter, HoldingsChannel reports. The firm owned 6,195 shares of the software maker’s stock after purchasing an additional 382 shares during the period. SeaCrest Wealth Management LLC’s holdings in Shopify were worth $478,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SHOP. Northern Trust Corp grew its position in shares of Shopify by 4.3% in the 3rd quarter. Northern Trust Corp now owns 538,465 shares of the software maker’s stock worth $29,384,000 after buying an additional 22,315 shares during the last quarter. Axxcess Wealth Management LLC increased its position in shares of Shopify by 48.6% during the third quarter. Axxcess Wealth Management LLC now owns 12,555 shares of the software maker’s stock worth $685,000 after purchasing an additional 4,104 shares in the last quarter. Lido Advisors LLC lifted its holdings in shares of Shopify by 1.8% during the 3rd quarter. Lido Advisors LLC now owns 24,284 shares of the software maker’s stock valued at $1,325,000 after purchasing an additional 436 shares during the last quarter. Legal & General Group Plc boosted its position in shares of Shopify by 6.5% in the 3rd quarter. Legal & General Group Plc now owns 6,196,285 shares of the software maker’s stock worth $339,750,000 after purchasing an additional 377,901 shares in the last quarter. Finally, Seven Eight Capital LP purchased a new position in Shopify during the 3rd quarter worth $1,288,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Trading Up 2.2 %

Shares of NYSE:SHOP opened at $66.06 on Wednesday. The business’s 50 day moving average price is $64.08 and its 200-day moving average price is $72.91. The company has a current ratio of 7.14, a quick ratio of 7.14 and a debt-to-equity ratio of 0.10. Shopify Inc. has a 1 year low of $45.50 and a 1 year high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share (EPS) 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 analyst estimates of $1.84 billion. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. Research analysts anticipate that Shopify Inc. will post 0.61 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on SHOP shares. Needham & Company LLC reissued a “hold” rating on shares of Shopify in a report on Thursday, May 9th. Royal Bank of Canada lowered their target price on shares of Shopify from $100.00 to $85.00 and set an “outperform” rating for the company in a research note on Thursday, May 9th. Deutsche Bank Aktiengesellschaft cut their price target on shares of Shopify from $95.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, May 9th. Robert W. Baird lowered their price objective on shares of Shopify from $87.00 to $77.00 and set an “outperform” rating for the company in a research note on Thursday, May 9th. Finally, Barclays cut their target price on Shopify from $68.00 to $63.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 9th. One investment 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. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $76.42.

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.