Riverhead Capital Management LLC Buys New Holdings in Shopify Inc (SHOP)

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Riverhead Capital Management LLC bought a new stake in Shopify Inc (NYSE:SHOP) (TSE:SHOP) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 7,566 shares of the software maker’s stock, valued at approximately $1,104,000.

Other large investors have also recently modified their holdings of the company. Next Century Growth Investors LLC purchased a new stake in shares of Shopify in the first quarter valued at about $115,000. Signaturefd LLC purchased a new stake in shares of Shopify in the first quarter valued at about $132,000. Shine Investment Advisory Services Inc. purchased a new stake in shares of Shopify in the second quarter valued at about $159,000. Cornerstone Wealth Management LLC purchased a new stake in shares of Shopify in the second quarter valued at about $165,000. Finally, Parallel Advisors LLC boosted its holdings in shares of Shopify by 839.7% in the second quarter. Parallel Advisors LLC now owns 1,278 shares of the software maker’s stock valued at $186,000 after acquiring an additional 1,142 shares in the last quarter. 60.74% of the stock is currently owned by institutional investors and hedge funds.

Shares of SHOP opened at $146.34 on Wednesday. The company has a quick ratio of 12.89, a current ratio of 12.89 and a debt-to-equity ratio of 0.01. The stock has a market cap of $15.49 billion, a price-to-earnings ratio of -348.43 and a beta of 1.17. Shopify Inc has a 12-month low of $89.35 and a 12-month high of $176.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, July 31st. The software maker reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.30. The company had revenue of $245.00 million during the quarter, compared to analysts’ expectations of $234.72 million. Shopify had a negative net margin of 6.12% and a negative return on equity of 3.77%. The firm’s quarterly revenue was up 61.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.01) earnings per share. research analysts anticipate that Shopify Inc will post -0.76 earnings per share for the current year.

Several analysts recently commented on SHOP shares. National Bank Financial raised their price objective on shares of Shopify from $160.00 to $180.00 and gave the company a “$173.26” rating in a research note on Monday, July 23rd. Canaccord Genuity raised their price objective on shares of Shopify from $160.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday, July 31st. Zacks Investment Research upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $177.00 price objective for the company in a research note on Tuesday, July 10th. Roth Capital raised their price objective on shares of Shopify from $165.00 to $192.00 and gave the company a “buy” rating in a research note on Tuesday, July 24th. Finally, Guggenheim started coverage on shares of Shopify in a research note on Tuesday, August 7th. They issued a “buy” rating and a $180.00 price objective for the company. Seven investment analysts have rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $161.90.

Shopify Profile

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in Canada, the United States, the United Kingdom, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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