Covington Capital Management Purchases 7,871 Shares of Shopify Inc. (NYSE:SHOP)

Covington Capital Management boosted its position in shares of Shopify Inc. (NYSE:SHOPGet Rating) (TSE:SHOP) by 2,467.4% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,190 shares of the software maker’s stock after purchasing an additional 7,871 shares during the period. Covington Capital Management’s holdings in Shopify were worth $256,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in SHOP. NuWave Investment Management LLC raised its stake in shares of Shopify by 675.2% in the second quarter. NuWave Investment Management LLC now owns 13,837 shares of the software maker’s stock worth $432,000 after acquiring an additional 12,052 shares during the last quarter. Foundations Investment Advisors LLC raised its stake in shares of Shopify by 2,294.7% in the second quarter. Foundations Investment Advisors LLC now owns 9,100 shares of the software maker’s stock worth $301,000 after acquiring an additional 8,720 shares during the last quarter. AdvisorNet Financial Inc raised its stake in shares of Shopify by 1,091.4% in the second quarter. AdvisorNet Financial Inc now owns 6,660 shares of the software maker’s stock worth $208,000 after acquiring an additional 6,101 shares during the last quarter. Crestwood Advisors Group LLC raised its stake in shares of Shopify by 853.1% in the second quarter. Crestwood Advisors Group LLC now owns 58,310 shares of the software maker’s stock worth $1,822,000 after acquiring an additional 52,192 shares during the last quarter. Finally, Confluence Investment Management LLC raised its stake in shares of Shopify by 961.9% in the second quarter. Confluence Investment Management LLC now owns 8,580 shares of the software maker’s stock worth $268,000 after acquiring an additional 7,772 shares during the last quarter. 54.64% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

SHOP has been the subject of a number of research analyst reports. National Bankshares set a $75.00 target price on shares of Shopify and gave the stock an “outperform” rating in a research note on Thursday, June 30th. JMP Securities assumed coverage on shares of Shopify in a research report on Tuesday, July 5th. They set a “market perform” rating for the company. StockNews.com upgraded shares of Shopify to a “sell” rating in a research report on Thursday, June 30th. Credit Suisse Group lowered their price target on shares of Shopify from $41.00 to $34.00 and set a “neutral” rating for the company in a research report on Thursday, July 28th. Finally, Citigroup lowered their price target on shares of Shopify from $43.20 to $37.00 in a research report on Tuesday, July 26th. Two research analysts have rated the stock with a sell rating, seventeen have given a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $72.33.

Shopify Trading Down 6.3 %

SHOP stock opened at $31.73 on Monday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 11.17 and a current ratio of 11.17. The company’s 50-day simple moving average is $34.94 and its 200 day simple moving average is $45.18. Shopify Inc. has a 52 week low of $29.07 and a 52 week high of $176.29. The company has a market capitalization of $39.95 billion, a PE ratio of -20.94 and a beta of 1.82.

Shopify (NYSE:SHOPGet Rating) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, July 27th. The software maker reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.04). The firm had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.33 billion. Shopify had a negative return on equity of 1.61% and a negative net margin of 38.01%. As a group, sell-side analysts anticipate that Shopify Inc. will post -0.45 earnings per share for the current year.

Shopify Company Profile

(Get Rating)

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, 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.

Featured Stories

Want to see what other hedge funds are holding SHOP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Shopify Inc. (NYSE:SHOPGet Rating) (TSE:SHOP).

Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

Receive News & Ratings for Shopify Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Shopify and related companies with MarketBeat.com's FREE daily email newsletter.