Spinnaker Trust Invests $221,000 in Shopify Inc. (NYSE:SHOP)

Spinnaker Trust acquired a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 2,837 shares of the software maker’s stock, valued at approximately $221,000.

A number of other institutional investors have also made changes to their positions in the business. Wealth Management Partners LLC increased its stake in shares of Shopify by 0.9% in the fourth quarter. Wealth Management Partners LLC now owns 13,922 shares of the software maker’s stock worth $1,085,000 after purchasing an additional 126 shares during the period. SJS Investment Consulting Inc. increased its stake in Shopify by 59.1% during the fourth quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock valued at $27,000 after acquiring an additional 130 shares during the period. Pachira Investments Inc. increased its stake in Shopify by 2.1% during the fourth quarter. Pachira Investments Inc. now owns 7,084 shares of the software maker’s stock valued at $552,000 after acquiring an additional 146 shares during the period. Baldwin Brothers LLC MA increased its stake in Shopify by 49.0% during the fourth quarter. Baldwin Brothers LLC MA now owns 447 shares of the software maker’s stock valued at $35,000 after acquiring an additional 147 shares during the period. Finally, Capital Advisors Inc. OK increased its stake in Shopify by 1.7% during the fourth quarter. Capital Advisors Inc. OK now owns 9,283 shares of the software maker’s stock valued at $723,000 after acquiring an additional 153 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on SHOP. Morgan Stanley upgraded Shopify from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $74.00 to $85.00 in a research note on Friday, April 19th. Barclays decreased their price objective on Shopify from $70.00 to $68.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 14th. UBS Group lifted their price objective on Shopify from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Wednesday, February 14th. Piper Sandler reaffirmed an “underweight” rating and set a $63.00 price objective on shares of Shopify in a report on Thursday, April 11th. Finally, Truist Financial lifted their price objective on Shopify from $65.00 to $90.00 and gave the company a “hold” rating in a report on Monday, February 12th. Three investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $78.30.

Shopify Trading Up 1.1 %

Shares of SHOP traded up $0.78 during trading hours on Friday, reaching $71.33. The stock had a trading volume of 4,611,766 shares, compared to its average volume of 7,677,671. The company has a quick ratio of 6.99, a current ratio of 6.99 and a debt-to-equity ratio of 0.10. Shopify Inc. has a 52 week low of $45.50 and a 52 week high of $91.57. The firm has a 50-day moving average of $75.28 and a 200 day moving average of $72.50. The company has a market cap of $91.77 billion, a P/E ratio of 792.64 and a beta of 2.22.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04. Shopify had a net margin of 1.87% and a return on equity of 4.48%. The business had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.07 billion. On average, sell-side analysts expect that Shopify Inc. will post 0.58 earnings per share for the current fiscal year.

Shopify Company 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.