Cornerstone Capital Inc. Increases Stake in Shopify Inc. (NYSE:SHOP)

Cornerstone Capital Inc. grew its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.1% in the fourth quarter, Holdings Channel reports. The fund owned 307,880 shares of the software maker’s stock after purchasing an additional 17,647 shares during the period. Shopify accounts for about 2.6% of Cornerstone Capital Inc.’s portfolio, making the stock its 12th largest holding. Cornerstone Capital Inc.’s holdings in Shopify were worth $23,984,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. SJS Investment Consulting Inc. increased its stake in shares of Shopify by 59.1% in the 4th quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock worth $27,000 after acquiring an additional 130 shares during the last quarter. Baldwin Brothers LLC MA increased its stake in shares of Shopify by 49.0% in the 4th quarter. Baldwin Brothers LLC MA now owns 447 shares of the software maker’s stock worth $35,000 after acquiring an additional 147 shares during the last quarter. Global Trust Asset Management LLC increased its stake in shares of Shopify by 350.0% in the 4th quarter. Global Trust Asset Management LLC now owns 450 shares of the software maker’s stock worth $35,000 after acquiring an additional 350 shares during the last quarter. Salem Investment Counselors Inc. increased its position in shares of Shopify by 1,112.0% during the 4th quarter. Salem Investment Counselors Inc. now owns 606 shares of the software maker’s stock worth $47,000 after purchasing an additional 556 shares during the last quarter. Finally, Anchor Investment Management LLC acquired a new stake in shares of Shopify during the 4th quarter worth about $51,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Piper Sandler reissued an “underweight” rating and set a $63.00 price objective on shares of Shopify in a research report on Thursday, April 11th. Royal Bank of Canada reissued an “outperform” rating and set a $100.00 price objective on shares of Shopify in a research report on Wednesday, February 14th. Citigroup cut their price objective on Shopify from $96.00 to $93.00 and set a “neutral” rating for the company in a research report on Wednesday, February 14th. Barclays cut their price objective on Shopify from $70.00 to $68.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 14th. Finally, The Goldman Sachs Group raised their price objective on Shopify from $67.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, February 29th. Three research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $78.30.

Shopify Stock Performance

Shares of SHOP opened at $71.33 on Friday. The stock has a 50 day moving average price of $75.28 and a 200 day moving average price of $72.63. The company has a quick ratio of 6.99, a current ratio of 6.99 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $91.77 billion, a price-to-earnings ratio of 792.64 and a beta of 2.22. Shopify Inc. has a 52-week low of $45.50 and a 52-week high of $91.57.

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

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, 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.