Fairman Group LLC Makes New Investment in Shopify Inc. (NYSE:SHOP)

Fairman Group LLC purchased a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 2,750 shares of the software maker’s stock, valued at approximately $214,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. StoneCrest Wealth Management Inc. bought a new stake in shares of Shopify in the 4th quarter worth approximately $1,164,000. FIL Ltd raised its holdings in shares of Shopify by 1.8% in the 4th quarter. FIL Ltd now owns 13,303,001 shares of the software maker’s stock worth $1,035,688,000 after purchasing an additional 238,596 shares in the last quarter. Asset Management One Co. Ltd. raised its holdings in shares of Shopify by 4,007.4% in the 4th quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker’s stock worth $2,807,000 after purchasing an additional 34,624 shares in the last quarter. SeaCrest Wealth Management LLC bought a new stake in shares of Shopify in the 4th quarter worth approximately $433,000. Finally, Evoke Wealth LLC bought a new stake in shares of Shopify in the 4th quarter worth approximately $2,551,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Performance

Shares of NYSE:SHOP opened at $65.08 on Tuesday. Shopify Inc. has a 12 month low of $45.50 and a 12 month high of $91.57. The company’s 50-day moving average price is $65.19 and its two-hundred day moving average price is $73.50. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.14 and a quick ratio of 7.14.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, May 8th. The software maker reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.04. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. The firm had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.84 billion. On average, sell-side analysts predict that Shopify Inc. will post 0.57 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on SHOP shares. The Goldman Sachs Group boosted their target price on shares of Shopify from $67.00 to $74.00 and gave the stock a “buy” rating in a report on Tuesday, May 28th. Loop Capital cut their price target on shares of Shopify from $90.00 to $80.00 and set a “hold” rating on the stock in a report on Monday, April 15th. Needham & Company LLC reaffirmed a “hold” rating on shares of Shopify in a research report on Thursday, May 9th. Canaccord Genuity Group lowered their price objective on shares of Shopify from $90.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, May 9th. Finally, Royal Bank of Canada lowered their price objective on shares of Shopify from $100.00 to $85.00 and set an “outperform” rating on the stock in a research report on Thursday, May 9th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and an average target price of $76.49.

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.