AdvisorNet Financial Inc. increased its holdings in shares of Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) by 8.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The company owned 4,445 shares of the software maker’s stock after purchasing an additional 355 shares during the period. AdvisorNet Financial Inc.’s holdings in Shopify were worth $294,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Tradition Wealth Management LLC increased its position in Shopify by 7.5% in the fourth quarter. Tradition Wealth Management LLC now owns 2,007 shares of the software maker’s stock worth $156,000 after buying an additional 140 shares in the last quarter. Willis Johnson & Associates Inc. increased its holdings in Shopify by 5.8% in the first quarter. Willis Johnson & Associates Inc. now owns 2,728 shares of the software maker’s stock worth $211,000 after buying an additional 149 shares in the last quarter. Nations Financial Group Inc. IA ADV increased its position in Shopify by 3.2% in the fourth quarter. Nations Financial Group Inc. IA ADV now owns 4,839 shares of the software maker’s stock worth $377,000 after buying an additional 150 shares during the same period. Valley National Advisers Inc. increased its stake in Shopify by 11.4% in the 1st quarter. Valley National Advisers Inc. now owns 1,482 shares of the software maker’s stock worth $114,000 after purchasing an additional 152 shares during the same period. Finally, Cherry Creek Investment Advisors Inc. increased its stake in Shopify by 1.3% in the 1st quarter. Cherry Creek Investment Advisors Inc. now owns 12,718 shares of the software maker’s stock worth $981,000 after purchasing an additional 158 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.
Shopify shares rise 4.6%
NYSE:SHOP opened at $74.86 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. The company has a market cap of $96.47 billion, a price-to-earnings ratio of -440.35, a price-to-earnings-growth ratio of 2.83 and a beta of 2.30. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57. The stock has a 50-day moving average of $64.27 and a 200-day moving average of $69.69.
Shopify (NYSE:SHOP – Free Report) (TSE:SHOP) released its latest earnings results on Wednesday, August 7. The software maker reported earnings per share of $0.26 for the quarter, beating the consensus estimate of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The company posted revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.01 billion. In the same quarter last year, the company posted earnings per share of ($0.08). The company’s revenue grew 20.7% year-over-year. Sell-side analysts forecast that Shopify Inc. will report earnings per share of $0.63 for the current fiscal year.
Wall Street analysts comment
SHOP has been the subject of numerous analyst reports. Argus upgraded Shopify to a “strong buy” rating in a research note on Thursday, August 8th. Evercore raised their price target on shares of Shopify from $75.00 to $80.00 in a research note on Thursday, August 8th. Citigroup decreased their price target on shares of Shopify from $97.00 to $90.00 and set a “buy” rating on the company in a research note on Thursday, August 8th. Wedbush reiterated a “neutral” rating and set a $72.00 price target (previously $68.00) on Shopify shares in a research note on Wednesday, August 7th. Finally, Truist Financial decreased their price target on shares of Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a research note on Tuesday, August 6. One research analyst has rated the stock a “sell,” fifteen have assigned a “hold,” twenty-three have assigned a “buy” and one has given the company a “strong buy.” According to data from MarketBeat, Shopify currently has an average rating of “moderate buy” and a consensus price target of $77.24.
Check out our latest Shopify stock analysis
About Shopify
(Free report)
Shopify Inc., a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, Asia Pacific, Australia, China, and Latin America. The Company’s platform enables merchants to display, manage, market, and sell their 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. It enables managing products and inventory, processing orders and payments, fulfilling and shipping orders, acquiring new buyers and building customer relationships, sourcing products, using analytics and reports, managing cash, payments and transactions, and accessing financing.
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