Wealthspire Advisors LLC Purchases 9,987 Shares of Shopify Inc. (NYSE:SHOP)

Wealthspire Advisors LLC grew its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 291.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,408 shares of the software maker’s stock after acquiring an additional 9,987 shares during the period. Wealthspire Advisors LLC’s holdings in Shopify were worth $886,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of SHOP. Dimensional Fund Advisors LP lifted its position in shares of Shopify by 9.6% in 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 period. Janney Montgomery Scott LLC lifted its holdings in Shopify by 7.1% in the fourth 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 period. Level Four Advisory Services LLC bought a new stake in Shopify during the 4th quarter valued at approximately $262,000. Independent Advisor Alliance grew its holdings in shares of Shopify by 11.4% during the 4th quarter. Independent Advisor Alliance now owns 31,210 shares of the software maker’s stock worth $2,431,000 after acquiring an additional 3,204 shares during the period. Finally, Norges Bank bought a new position in shares of Shopify in the 4th quarter worth approximately $1,049,089,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Price Performance

Shares of Shopify stock opened at $72.45 on Monday. The stock has a market cap of $93.36 billion, a P/E ratio of -426.18, a P/E/G ratio of 2.39 and a beta of 2.35. 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 stock’s fifty day moving average is $67.38 and its 200 day moving average is $68.30. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, topping the consensus estimate of $0.20 by $0.06. The firm 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%. The business’s revenue for the quarter was up 20.7% compared to the same quarter last year. During the same quarter last year, the company earned ($0.08) earnings per share. Sell-side analysts anticipate that Shopify Inc. will post 0.76 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SHOP. Piper Sandler reaffirmed a “neutral” rating and issued a $67.00 price target on shares of Shopify in a research note on Thursday, August 29th. Wells Fargo & Company increased their price target on shares of Shopify from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 11th. UBS Group boosted their price objective on shares of Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Bank of America raised shares of Shopify from a “neutral” rating to a “buy” rating and raised their target price for the company from $78.00 to $82.00 in a research note on Tuesday, July 16th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $85.00 price target on shares of Shopify in a research report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.37.

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.