Shopify Inc. $SHOP Shares Purchased by Bayforest Capital Ltd

Bayforest Capital Ltd grew its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 194.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,177 shares of the software maker’s stock after buying an additional 777 shares during the period. Bayforest Capital Ltd’s holdings in Shopify were worth $136,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Hummer Financial Advisory Services Inc lifted its holdings in shares of Shopify by 3.8% during the second quarter. Hummer Financial Advisory Services Inc now owns 2,595 shares of the software maker’s stock worth $299,000 after purchasing an additional 95 shares during the period. Salem Investment Counselors Inc. increased its stake in shares of Shopify by 16.7% in the second quarter. Salem Investment Counselors Inc. now owns 700 shares of the software maker’s stock worth $81,000 after acquiring an additional 100 shares during the period. Moseley Investment Management Inc. increased its stake in shares of Shopify by 2.8% in the second quarter. Moseley Investment Management Inc. now owns 3,674 shares of the software maker’s stock worth $424,000 after acquiring an additional 100 shares during the period. Quadcap Wealth Management LLC lifted its position in Shopify by 0.9% during the first quarter. Quadcap Wealth Management LLC now owns 11,133 shares of the software maker’s stock valued at $1,063,000 after purchasing an additional 103 shares during the period. Finally, Centurion Wealth Management LLC boosted its holdings in Shopify by 1.7% in the second quarter. Centurion Wealth Management LLC now owns 6,339 shares of the software maker’s stock valued at $731,000 after purchasing an additional 103 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Performance

SHOP opened at $157.76 on Friday. The stock has a market capitalization of $205.03 billion, a PE ratio of 88.13, a P/E/G ratio of 7.33 and a beta of 2.72. Shopify Inc. has a one year low of $69.84 and a one year high of $169.69. The business’s 50 day moving average price is $148.00 and its 200 day moving average price is $120.99.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. The company had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The firm’s quarterly revenue was up 31.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.26 earnings per share. As a group, equities research analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have commented on SHOP. Zacks Research upgraded Shopify from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. TD Cowen reiterated a “hold” rating and set a $156.00 price target on shares of Shopify in a research report on Friday, October 3rd. Arete reaffirmed a “neutral” rating on shares of Shopify in a research note on Wednesday, July 23rd. Barclays increased their price objective on shares of Shopify from $94.00 to $120.00 and gave the company an “equal weight” rating in a report on Thursday, August 7th. Finally, DA Davidson boosted their price objective on Shopify from $125.00 to $185.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twenty-two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $152.76.

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.