Garner Asset Management Corp Boosts Position in Shopify Inc. (NYSE:SHOP)

Garner Asset Management Corp boosted its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.4% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,952 shares of the software maker’s stock after purchasing an additional 360 shares during the quarter. Garner Asset Management Corp’s holdings in Shopify were worth $393,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Paces Ferry Wealth Advisors LLC boosted its holdings in shares of Shopify by 17.8% in the 2nd quarter. Paces Ferry Wealth Advisors LLC now owns 3,458 shares of the software maker’s stock valued at $228,000 after buying an additional 523 shares in the last quarter. Blair William & Co. IL lifted its position in Shopify by 0.3% in the second quarter. Blair William & Co. IL now owns 372,809 shares of the software maker’s stock valued at $24,624,000 after acquiring an additional 1,074 shares during the last quarter. Vanguard Personalized Indexing Management LLC boosted its stake in Shopify by 0.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 31,858 shares of the software maker’s stock valued at $2,094,000 after acquiring an additional 218 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its holdings in shares of Shopify by 6.7% during the second quarter. Mercer Global Advisors Inc. ADV now owns 57,783 shares of the software maker’s stock worth $3,817,000 after purchasing an additional 3,631 shares during the last quarter. Finally, Wealth Alliance increased its position in shares of Shopify by 26.2% during the second quarter. Wealth Alliance now owns 6,972 shares of the software maker’s stock worth $461,000 after purchasing an additional 1,448 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SHOP. Evercore upped their target price on Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. Moffett Nathanson downgraded Shopify from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $74.00 to $65.00 in a report on Thursday, June 6th. JPMorgan Chase & Co. raised their target price on shares of Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Truist Financial reduced their price target on shares of Shopify from $65.00 to $55.00 and set a “hold” rating for the company in a research report on Tuesday, August 6th. Finally, Piper Sandler reiterated a “neutral” rating and set a $67.00 price target on shares of Shopify in a research note on Thursday, August 29th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $77.92.

Shopify Trading Up 1.0 %

Shares of SHOP opened at $75.23 on Thursday. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. Shopify Inc. has a 1-year low of $45.50 and a 1-year high of $91.57. The stock has a market cap of $96.95 billion, a price-to-earnings ratio of -442.53, a price-to-earnings-growth ratio of 2.39 and a beta of 2.35. The firm has a 50 day simple moving average of $67.86 and a 200-day simple moving average of $68.32.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, topping 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 had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. During the same quarter last year, the business posted ($0.08) earnings per share. Shopify’s revenue was up 20.7% compared to the same quarter last year. Equities analysts forecast that Shopify Inc. will post 0.76 EPS for the current fiscal year.

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.