Jackson Square Capital LLC purchased a new position in Shopify Inc. (NASDAQ:SHOP – Free Report) (TSE:SHOP) during the 3rd quarter, HoldingsChannel reports. The firm purchased 8,515 shares of the software maker’s stock, valued at approximately $1,263,000.
Other large investors also recently modified their holdings of the company. IFP Advisors Inc raised its stake in Shopify by 84.9% during the 3rd quarter. IFP Advisors Inc now owns 16,252 shares of the software maker’s stock valued at $2,410,000 after purchasing an additional 7,463 shares during the last quarter. Robertson Stephens Wealth Management LLC grew its position in Shopify by 47.6% in the 3rd quarter. Robertson Stephens Wealth Management LLC now owns 4,141 shares of the software maker’s stock worth $614,000 after purchasing an additional 1,336 shares during the last quarter. TD Waterhouse Canada Inc. grew its position in Shopify by 11.7% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 1,580,597 shares of the software maker’s stock worth $235,379,000 after purchasing an additional 165,731 shares during the last quarter. Stronghold Wealth Management L.L.C. increased its holdings in shares of Shopify by 6.9% during the 3rd quarter. Stronghold Wealth Management L.L.C. now owns 2,203 shares of the software maker’s stock worth $327,000 after purchasing an additional 143 shares during the period. Finally, Cyndeo Wealth Partners LLC increased its holdings in shares of Shopify by 14.2% during the 3rd quarter. Cyndeo Wealth Partners LLC now owns 3,536 shares of the software maker’s stock worth $524,000 after purchasing an additional 440 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
SHOP has been the subject of a number of research analyst reports. Jefferies Financial Group reaffirmed a “buy” rating on shares of Shopify in a research report on Wednesday. National Bank Financial reissued an “outperform” rating and set a $180.00 target price (up from $155.00) on shares of Shopify in a research report on Wednesday, August 5th. Truist Financial set a $180.00 price target on Shopify and gave the company a “buy” rating in a research note on Wednesday, August 5th. Piper Sandler reaffirmed an “overweight” rating on shares of Shopify in a report on Monday, October 5th. Finally, Susquehanna began coverage on Shopify in a research report on Friday, July 10th. They issued a “neutral” rating for the company. Two analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $175.89.
Read Our Latest Stock Report on SHOP
Shopify Price Performance
Shares of Shopify stock traded up $2.04 during trading on Monday, hitting $171.56. 3,664,117 shares of the company’s stock traded hands, compared to its average volume of 10,341,036. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.35 and a quick ratio of 5.35. The firm’s fifty day moving average price is $149.22 and its 200 day moving average price is $128.36. Shopify Inc. has a twelve month low of $94.00 and a twelve month high of $182.19. The company has a market cap of $220.74 billion, a PE ratio of 115.92, a PEG ratio of 3.50 and a beta of 2.62.
Shopify (NASDAQ:SHOP – Get Free Report) (TSE:SHOP) last posted its earnings results on Wednesday, August 5th. The software maker reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. Shopify had a net margin of 14.53% and a return on equity of 12.58%. The business had revenue of $3.58 billion for the quarter. During the same period in the previous year, the firm earned $0.69 EPS. The business’s revenue was up 33.7% compared to the same quarter last year. Analysts forecast that Shopify Inc. will post 1.46 earnings per share for the current year.
Shopify Profile
Shopify Inc is a commerce technology company that provides tools for businesses of various sizes to start, operate and grow online and in physical retail environments. Its platform supports online storefronts, product and inventory management, order processing, marketing, analytics and customer engagement.
The company offers subscription-based plans and merchant solutions, including Shopify Payments, Shopify POS, Shopify Capital and tools for shipping, checkout and fulfillment. Shopify also supports sales through multiple channels, such as merchants’ own websites, mobile devices, social media and third-party marketplaces.
Shopify was founded in 2006 by Tobias Lütke, Daniel Weinand and Scott Lake after the founders developed an online store for snowboarding equipment.
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