Creekmur Asset Management LLC Buys 3,005 Shares of Shopify Inc. $SHOP

Creekmur Asset Management LLC boosted its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 19.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 18,741 shares of the software maker’s stock after acquiring an additional 3,005 shares during the period. Creekmur Asset Management LLC’s holdings in Shopify were worth $2,162,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Hummer Financial Advisory Services Inc raised its position in Shopify by 3.8% in the second quarter. Hummer Financial Advisory Services Inc now owns 2,595 shares of the software maker’s stock worth $299,000 after acquiring an additional 95 shares during the period. Salem Investment Counselors Inc. raised its position in 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. raised its position in 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. Tradewinds Capital Management LLC raised its position in Shopify by 71.4% in the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock worth $28,000 after acquiring an additional 100 shares during the period. Finally, Moser Wealth Advisors LLC raised its position in Shopify by 1.0% in the second quarter. Moser Wealth Advisors LLC now owns 10,274 shares of the software maker’s stock worth $1,185,000 after acquiring an additional 100 shares during the period. Institutional investors own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

SHOP has been the subject of several recent research reports. Benchmark reiterated a “buy” rating and issued a $140.00 target price (up previously from $125.00) on shares of Shopify in a research note on Tuesday, August 5th. KeyCorp lifted their target price on shares of Shopify from $175.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday. Robert W. Baird lifted their target price on shares of Shopify from $160.00 to $170.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 7th. DA Davidson lifted their target price on shares of Shopify from $125.00 to $185.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. Finally, Citigroup lifted their target price on shares of Shopify from $155.00 to $195.00 and gave the stock a “buy” rating in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twenty-two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $155.35.

Shopify Trading Down 3.0%

Shares of NASDAQ:SHOP opened at $173.61 on Friday. The company has a 50 day moving average of $152.94 and a 200 day moving average of $126.64. The stock has a market cap of $225.63 billion, a P/E ratio of 96.99, a P/E/G ratio of 8.38 and a beta of 2.72. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $182.19.

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

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.