Creative Planning Raises Position in Shopify Inc. (NYSE:SHOP)

Creative Planning increased its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 45.5% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 376,040 shares of the software maker’s stock after purchasing an additional 117,593 shares during the period. Creative Planning’s holdings in Shopify were worth $24,837,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Stifel Financial Corp lifted its holdings in Shopify by 13.6% in the fourth quarter. Stifel Financial Corp now owns 341,529 shares of the software maker’s stock valued at $26,605,000 after acquiring an additional 40,848 shares during the period. APG Asset Management US Inc. acquired a new stake in shares of Shopify in the fourth quarter valued at about $14,327,000. Jones Financial Companies Lllp purchased a new stake in Shopify during the fourth quarter worth about $28,000. Kodai Capital Management LP acquired a new position in Shopify during the fourth quarter worth about $58,130,000. Finally, Belpointe Asset Management LLC purchased a new position in Shopify in the fourth quarter valued at about $309,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

SHOP has been the topic of a number of research analyst reports. Wedbush reiterated a “neutral” rating and set a $72.00 target price (up from $68.00) on shares of Shopify in a research report on Wednesday, August 7th. Morgan Stanley lifted their target price on shares of Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. increased their price target on shares of Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. Citigroup cut their price objective on Shopify from $97.00 to $90.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Finally, Barclays increased their target price on Shopify from $63.00 to $65.00 and gave the company an “equal weight” rating in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $77.92.

Shopify Price Performance

SHOP opened at $79.21 on Monday. Shopify Inc. has a twelve month low of $45.50 and a twelve month high of $91.57. The firm has a market cap of $102.08 billion, a price-to-earnings ratio of -465.94, a PEG ratio of 2.69 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 company has a fifty day simple moving average of $69.90 and a 200 day simple moving average of $68.46.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share 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 had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. During the same period last year, the firm earned ($0.08) earnings per share. The company’s revenue was up 20.7% on a year-over-year basis. Equities research 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.