Perkins Capital Management Inc. Makes New Investment in Shopify Inc. (NYSE:SHOP)

Perkins Capital Management Inc. bought a new stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 3,000 shares of the software maker’s stock, valued at approximately $240,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SHOP. Norden Group LLC bought a new position in shares of Shopify during the 1st quarter valued at approximately $213,000. Mediolanum International Funds Ltd bought a new position in shares of Shopify during the 1st quarter valued at approximately $1,073,000. Envestnet Portfolio Solutions Inc. raised its holdings in Shopify by 1.6% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 26,259 shares of the software maker’s stock valued at $2,026,000 after buying an additional 405 shares during the period. Quantbot Technologies LP purchased a new stake in Shopify during the 1st quarter valued at $2,741,000. Finally, Empowered Funds LLC raised its holdings in Shopify by 15.4% during the 1st quarter. Empowered Funds LLC now owns 12,708 shares of the software maker’s stock valued at $981,000 after buying an additional 1,694 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on SHOP shares. Cantor Fitzgerald restated a “neutral” rating and set a $70.00 price target on shares of Shopify in a report on Monday, October 7th. Royal Bank of Canada boosted their target price on shares of Shopify from $85.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Argus raised shares of Shopify to a “strong-buy” rating in a research note on Thursday, August 8th. Bank of America raised shares of Shopify from a “neutral” rating to a “buy” rating and boosted their target price for the company from $78.00 to $82.00 in a research note on Tuesday, July 16th. Finally, Redburn Atlantic raised shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price objective for the company in a research note on Tuesday, September 17th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $81.03.

Shopify Trading Up 3.0 %

Shares of NYSE:SHOP opened at $81.92 on Thursday. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $91.57. The firm has a market capitalization of $105.71 billion, a price-to-earnings ratio of 83.59, a price-to-earnings-growth ratio of 2.62 and a beta of 2.36. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. The business’s 50 day moving average price is $77.90 and its 200-day moving average price is $69.61.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The firm had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The company’s quarterly revenue was up 20.7% on a year-over-year basis. During the same period last year, the company earned ($0.08) EPS. On average, equities research analysts forecast that Shopify Inc. will post 0.76 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.