Private Advisor Group LLC Has $4.59 Million Stock Holdings in Shopify Inc. (NYSE:SHOP)

Private Advisor Group LLC lifted its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 0.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 57,244 shares of the software maker’s stock after acquiring an additional 268 shares during the quarter. Private Advisor Group LLC’s holdings in Shopify were worth $4,588,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Norden Group LLC bought a new position in shares of Shopify during the first quarter worth about $3,618,000. Silvercrest Asset Management Group LLC increased its holdings in Shopify by 735.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock worth $4,084,000 after purchasing an additional 46,589 shares in the last quarter. DekaBank Deutsche Girozentrale increased its holdings in Shopify by 5.8% in the first quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock worth $40,838,000 after purchasing an additional 28,639 shares in the last quarter. Clearbridge Investments LLC increased its holdings in Shopify by 54.2% in the second quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock worth $311,404,000 after purchasing an additional 1,657,251 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in Shopify by 1.7% in the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after purchasing an additional 713,064 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Down 1.0 %

Shares of NYSE SHOP opened at $79.05 on Friday. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. The business’s fifty day moving average price is $77.13 and its 200-day moving average price is $69.10. The stock has a market capitalization of $101.87 billion, a PE ratio of -465.00, a P/E/G ratio of 2.73 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The firm had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.01 billion. During the same quarter in the prior year, the firm earned ($0.08) EPS. The business’s revenue for the quarter was up 20.7% compared to the same quarter last year. On average, equities research analysts anticipate that Shopify Inc. will post 0.76 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SHOP. Scotiabank lifted their target price on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday. Argus upgraded Shopify to a “strong-buy” rating in a report on Thursday, August 8th. Wolfe Research began coverage on Shopify in a report on Tuesday, July 16th. They set an “outperform” rating and a $80.00 price objective for the company. Wells Fargo & Company boosted their price objective on Shopify from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, September 11th. Finally, Barclays boosted their price objective on Shopify from $65.00 to $70.00 and gave the company an “equal weight” rating in a report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $80.21.

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.