Lake Street Financial LLC Has $1.12 Million Stock Position in Shopify Inc. (NYSE:SHOP)

Lake Street Financial LLC raised its stake in Shopify Inc. (NYSE:SHOPGet Rating) (TSE:SHOP) by 47.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,663 shares of the software maker’s stock after buying an additional 536 shares during the period. Lake Street Financial LLC’s holdings in Shopify were worth $1,124,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Western Pacific Wealth Management LP acquired a new position in shares of Shopify during the fourth quarter worth $26,000. Parkside Financial Bank & Trust lifted its holdings in shares of Shopify by 666.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 23 shares of the software maker’s stock worth $32,000 after purchasing an additional 20 shares during the period. GoalVest Advisory LLC acquired a new position in shares of Shopify during the first quarter worth $39,000. Valley National Advisers Inc. lifted its holdings in shares of Shopify by 392.3% during the first quarter. Valley National Advisers Inc. now owns 64 shares of the software maker’s stock worth $43,000 after purchasing an additional 51 shares during the period. Finally, Activest Wealth Management raised its stake in Shopify by 266.7% during the first quarter. Activest Wealth Management now owns 66 shares of the software maker’s stock worth $45,000 after buying an additional 48 shares during the last quarter. Institutional investors and hedge funds own 62.60% of the company’s stock.

Shopify Price Performance

Shares of Shopify stock opened at $40.81 on Friday. The company has a current ratio of 11.17, a quick ratio of 11.17 and a debt-to-equity ratio of 0.10. The company has a 50-day moving average of $41.35 and a 200 day moving average of $55.29. Shopify Inc. has a 1 year low of $29.72 and a 1 year high of $176.29.

Shopify (NYSE:SHOPGet Rating) (TSE:SHOP) last released its quarterly earnings data on Thursday, May 5th. The software maker reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.03). The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.24 billion. Shopify had a negative net margin of 38.01% and a negative return on equity of 1.61%. The firm’s revenue for the quarter was up 21.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.13 earnings per share. As a group, analysts anticipate that Shopify Inc. will post -0.45 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SHOP. Sumitomo Mitsui Financial Group lowered their target price on shares of Shopify from $53.00 to $40.00 and set an “outperform” rating for the company in a research note on Thursday, July 28th. Credit Suisse Group decreased their price target on shares of Shopify from $41.00 to $34.00 and set a “neutral” rating for the company in a research note on Thursday, July 28th. Citigroup decreased their price target on shares of Shopify from $43.20 to $37.00 in a research note on Tuesday, July 26th. National Bankshares set a $75.00 price target on shares of Shopify and gave the company an “outperform” rating in a research note on Thursday, June 30th. Finally, KeyCorp decreased their price target on shares of Shopify from $65.00 to $50.00 and set an “overweight” rating for the company in a research note on Thursday, July 7th. Two research analysts have rated the stock with a sell rating, eighteen have given a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $73.34.

About Shopify

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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.

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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