Transcend Capital Advisors LLC Buys 724 Shares of Shopify Inc. $SHOP

Transcend Capital Advisors LLC raised its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 9.0% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 8,733 shares of the software maker’s stock after acquiring an additional 724 shares during the period. Transcend Capital Advisors LLC’s holdings in Shopify were worth $1,007,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Ashton Thomas Private Wealth LLC lifted its stake in Shopify by 3.4% during the 2nd quarter. Ashton Thomas Private Wealth LLC now owns 4,571 shares of the software maker’s stock valued at $527,000 after acquiring an additional 150 shares during the period. Envestnet Asset Management Inc. lifted its stake in Shopify by 3.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 2,092,429 shares of the software maker’s stock valued at $241,362,000 after acquiring an additional 67,637 shares during the period. Resonant Capital Advisors LLC lifted its stake in Shopify by 7.1% during the 2nd quarter. Resonant Capital Advisors LLC now owns 3,443 shares of the software maker’s stock valued at $397,000 after acquiring an additional 227 shares during the period. Wealthfront Advisers LLC increased its position in shares of Shopify by 4.4% during the 2nd quarter. Wealthfront Advisers LLC now owns 19,909 shares of the software maker’s stock valued at $2,297,000 after purchasing an additional 835 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. increased its position in shares of Shopify by 9.6% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 400,389 shares of the software maker’s stock valued at $46,185,000 after purchasing an additional 35,113 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

Shares of SHOP opened at $178.96 on Wednesday. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $179.60. The company has a 50 day simple moving average of $151.36 and a two-hundred day simple moving average of $125.64. The firm has a market cap of $232.59 billion, a P/E ratio of 99.98, a price-to-earnings-growth ratio of 8.20 and a beta of 2.72.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings data 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. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The business had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same period last year, the firm posted $0.26 EPS. The company’s revenue was up 31.1% on a year-over-year basis. On average, sell-side analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on SHOP shares. Needham & Company LLC started coverage on shares of Shopify in a research report on Monday, July 14th. They set a “buy” rating and a $135.00 price target for the company. UBS Group upped their price target on shares of Shopify from $110.00 to $145.00 and gave the company a “neutral” rating in a research report on Thursday, August 7th. Cantor Fitzgerald set a $156.00 price target on shares of Shopify and gave the company a “neutral” rating in a research report on Wednesday, August 27th. JPMorgan Chase & Co. upped their price target on shares of Shopify from $115.00 to $179.00 and gave the company an “overweight” rating in a research report on Thursday, August 7th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Shopify in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twenty-two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $154.68.

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.