HBK Sorce Advisory LLC Increases Stake in Shopify Inc. (NYSE:SHOP)

HBK Sorce Advisory LLC increased its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 8.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,033 shares of the software maker’s stock after buying an additional 522 shares during the period. HBK Sorce Advisory LLC’s holdings in Shopify were worth $465,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its position in shares of Shopify by 9.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 469,529 shares of the software maker’s stock worth $36,576,000 after purchasing an additional 41,205 shares during the last quarter. Janney Montgomery Scott LLC lifted its holdings in Shopify by 7.1% during the 4th quarter. Janney Montgomery Scott LLC now owns 101,395 shares of the software maker’s stock worth $7,899,000 after buying an additional 6,713 shares during the last quarter. Foundations Investment Advisors LLC boosted its position in shares of Shopify by 41.2% during the 4th quarter. Foundations Investment Advisors LLC now owns 9,144 shares of the software maker’s stock worth $702,000 after acquiring an additional 2,666 shares in the last quarter. Quadrant Capital Group LLC increased its holdings in shares of Shopify by 2.4% in the 4th quarter. Quadrant Capital Group LLC now owns 7,371 shares of the software maker’s stock valued at $574,000 after acquiring an additional 173 shares during the last quarter. Finally, Kingsview Wealth Management LLC raised its position in shares of Shopify by 5.5% during the 4th quarter. Kingsview Wealth Management LLC now owns 26,004 shares of the software maker’s stock worth $2,026,000 after acquiring an additional 1,363 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on SHOP shares. Morgan Stanley increased their price target on shares of Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Citigroup cut their price target on shares of Shopify from $97.00 to $90.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Bank of America upgraded Shopify from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $78.00 to $82.00 in a research report on Tuesday, July 16th. Finally, JPMorgan Chase & Co. upped their target price on Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Shopify has a consensus rating of “Moderate Buy” and a consensus price target of $77.37.

Shopify Price Performance

SHOP stock opened at $72.45 on Friday. The company has a market cap of $93.36 billion, a price-to-earnings ratio of -426.18, a PEG ratio of 2.40 and a beta of 2.35. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The firm has a 50 day moving average of $67.38 and a 200-day moving average of $68.36. Shopify Inc. has a 12-month low of $45.50 and a 12-month high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The company had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. Shopify’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.08) earnings per share. As a group, equities analysts expect that Shopify Inc. will post 0.76 EPS for the current fiscal year.

Shopify 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.