Evolution Wealth Advisors LLC Makes New Investment in Shopify Inc. (NYSE:SHOP)

Evolution Wealth Advisors LLC acquired a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 4th quarter, HoldingsChannel reports. The fund acquired 2,810 shares of the software maker’s stock, valued at approximately $219,000.

Several other hedge funds have also bought and sold shares of the stock. Industrial Alliance Investment Management Inc. raised its stake in shares of Shopify by 292.9% during the 1st quarter. Industrial Alliance Investment Management Inc. now owns 110 shares of the software maker’s stock worth $74,000 after buying an additional 82 shares during the period. Turim 21 Investimentos Ltda. acquired a new position in shares of Shopify during the 1st quarter worth approximately $148,000. Fairfield Bush & CO. acquired a new position in shares of Shopify during the 1st quarter worth approximately $169,000. First Manhattan Co. raised its stake in shares of Shopify by 317.5% during the 1st quarter. First Manhattan Co. now owns 263 shares of the software maker’s stock worth $177,000 after buying an additional 200 shares during the period. Finally, Stonebridge Capital Advisors LLC raised its stake in shares of Shopify by 508.2% during the 1st quarter. Stonebridge Capital Advisors LLC now owns 298 shares of the software maker’s stock worth $201,000 after buying an additional 249 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

SHOP has been the subject of several research analyst reports. Citigroup reduced their target price on Shopify from $96.00 to $93.00 and set a “neutral” rating for the company in a research note on Wednesday, February 14th. Wells Fargo & Company reduced their price objective on Shopify from $90.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, February 14th. DA Davidson increased their price objective on Shopify from $86.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, February 14th. Robert W. Baird increased their price objective on Shopify from $85.00 to $87.00 and gave the company an “outperform” rating in a research note on Wednesday, April 3rd. Finally, BNP Paribas downgraded Shopify from a “neutral” rating to an “underperform” rating in a research note on Thursday, January 18th. Four analysts have rated the stock with a sell rating, eighteen have issued a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $78.30.

Shopify Trading Up 0.3 %

Shopify stock traded up $0.19 during midday trading on Friday, reaching $69.70. 11,073,469 shares of the stock traded hands, compared to its average volume of 9,509,492. The company has a 50-day simple moving average of $76.35 and a two-hundred day simple moving average of $71.84. Shopify Inc. has a 12-month low of $45.50 and a 12-month high of $91.57. The firm has a market cap of $89.67 billion, a PE ratio of 774.53 and a beta of 2.22. The company has a current ratio of 6.99, a quick ratio of 6.99 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results 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 return on equity of 4.48% and a net margin of 1.87%. The company had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.07 billion. Research 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.