Stony Point Capital LLC Buys Shares of 229,761 Shopify Inc. (NYSE:SHOP)

Stony Point Capital LLC purchased a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 229,761 shares of the software maker’s stock, valued at approximately $11,015,000. Shopify makes up approximately 3.9% of Stony Point Capital LLC’s portfolio, making the stock its 12th largest holding.

Other institutional investors also recently added to or reduced their stakes in the company. Vident Investment Advisory LLC increased its position in shares of Shopify by 5.3% during the first quarter. Vident Investment Advisory LLC now owns 661 shares of the software maker’s stock worth $447,000 after purchasing an additional 33 shares in the last quarter. Interchange Capital Partners LLC increased its position in Shopify by 7.1% during the 1st quarter. Interchange Capital Partners LLC now owns 511 shares of the software maker’s stock valued at $345,000 after buying an additional 34 shares in the last quarter. Ancora Advisors LLC raised its stake in Shopify by 6.2% in the first quarter. Ancora Advisors LLC now owns 1,177 shares of the software maker’s stock valued at $1,302,000 after buying an additional 69 shares during the last quarter. SVB Wealth LLC boosted its holdings in Shopify by 14.0% in the first quarter. SVB Wealth LLC now owns 659 shares of the software maker’s stock worth $445,000 after acquiring an additional 81 shares in the last quarter. Finally, Industrial Alliance Investment Management Inc. grew its stake in shares of Shopify by 292.9% during the first quarter. Industrial Alliance Investment Management Inc. now owns 110 shares of the software maker’s stock worth $74,000 after acquiring an additional 82 shares during the last quarter. Institutional investors own 60.28% of the company’s stock.

Shopify Trading Down 1.0 %

NYSE SHOP traded down $0.67 on Tuesday, reaching $63.89. The stock had a trading volume of 4,284,770 shares, compared to its average volume of 15,877,970. Shopify Inc. has a 12-month low of $23.63 and a 12-month high of $71.43. The stock has a fifty day moving average price of $61.73 and a two-hundred day moving average price of $56.06. The firm has a market capitalization of $81.56 billion, a price-to-earnings ratio of -40.86 and a beta of 2.05. The company has a quick ratio of 6.71, a current ratio of 6.71 and a debt-to-equity ratio of 0.15.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Wednesday, August 2nd. The software maker reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.02). Shopify had a negative return on equity of 5.36% and a negative net margin of 32.13%. The firm had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.63 billion. As a group, sell-side analysts forecast that Shopify Inc. will post -0.1 EPS for the current fiscal year.

Analysts Set New Price Targets

SHOP has been the subject of several research analyst reports. Mizuho increased their price objective on shares of Shopify from $55.00 to $65.00 and gave the company a “neutral” rating in a research report on Monday, July 24th. Oppenheimer lifted their price objective on shares of Shopify from $70.00 to $80.00 in a research note on Tuesday, June 20th. Deutsche Bank Aktiengesellschaft upped their target price on Shopify from $67.00 to $75.00 in a research report on Wednesday, June 21st. Scotiabank lifted their price target on Shopify from $60.00 to $65.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 1st. Finally, Moffett Nathanson upgraded Shopify from a “market perform” rating to an “outperform” rating and set a $76.00 price target on the stock in a research note on Monday, July 24th. Two analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $65.34.

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, 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.