Cornerstone Wealth Management LLC Purchases 2,265 Shares of Shopify Inc. (NYSE:SHOP)

Cornerstone Wealth Management LLC lifted its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 20.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 13,524 shares of the software maker’s stock after acquiring an additional 2,265 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Shopify were worth $1,044,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. StoneCrest Wealth Management Inc. purchased a new stake in Shopify during the 4th quarter worth about $1,164,000. FIL Ltd raised its holdings in shares of Shopify by 1.8% in the 4th quarter. FIL Ltd now owns 13,303,001 shares of the software maker’s stock valued at $1,035,688,000 after acquiring an additional 238,596 shares in the last quarter. Asset Management One Co. Ltd. raised its holdings in shares of Shopify by 4,007.4% in the 4th quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker’s stock valued at $2,807,000 after acquiring an additional 34,624 shares in the last quarter. SeaCrest Wealth Management LLC purchased a new stake in shares of Shopify in the 4th quarter valued at about $433,000. Finally, Addenda Capital Inc. raised its holdings in shares of Shopify by 16.9% in the 1st quarter. Addenda Capital Inc. now owns 857,658 shares of the software maker’s stock valued at $66,185,000 after acquiring an additional 123,916 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on SHOP shares. JMP Securities raised Shopify from a “market perform” rating to an “outperform” rating and set a $80.00 price target on the stock in a report on Thursday, May 9th. Robert W. Baird lowered their price target on Shopify from $87.00 to $77.00 and set an “outperform” rating on the stock in a report on Thursday, May 9th. Evercore ISI raised Shopify from an “in-line” rating to an “outperform” rating and set a $75.00 price target on the stock in a report on Friday, June 14th. StockNews.com raised Shopify from a “sell” rating to a “hold” rating in a report on Wednesday, April 24th. Finally, Atb Cap Markets upgraded Shopify from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $76.42.

Shopify Stock Up 1.0 %

Shopify stock traded up $0.67 during mid-day trading on Thursday, hitting $66.73. The company had a trading volume of 3,930,953 shares, compared to its average volume of 9,072,079. The company has a current ratio of 7.14, a quick ratio of 7.14 and a debt-to-equity ratio of 0.10. The stock’s 50 day moving average price is $63.92 and its two-hundred day moving average price is $72.83. Shopify Inc. has a 12 month low of $45.50 and a 12 month high of $91.57. The company has a market capitalization of $85.99 billion, a PE ratio of -392.82, a price-to-earnings-growth ratio of 3.32 and a beta of 2.30.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Wednesday, May 8th. The software maker reported $0.12 EPS for the quarter, topping the consensus estimate of $0.08 by $0.04. The business had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.84 billion. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. As a group, sell-side analysts anticipate that Shopify Inc. will post 0.61 earnings per share for the current fiscal year.

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.