Wealth Alliance Buys 1,448 Shares of Shopify Inc. (NYSE:SHOP)

Wealth Alliance raised its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 26.2% in the 2nd quarter, HoldingsChannel reports. The firm owned 6,972 shares of the software maker’s stock after acquiring an additional 1,448 shares during the quarter. Wealth Alliance’s holdings in Shopify were worth $461,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. DSM Capital Partners LLC bought a new position in shares of Shopify in the 4th quarter worth $28,000. Jones Financial Companies Lllp bought a new position in shares of Shopify in the fourth quarter valued at $28,000. Cultivar Capital Inc. acquired a new position in shares of Shopify during the second quarter valued at about $33,000. Hazlett Burt & Watson Inc. bought a new stake in shares of Shopify during the second quarter worth about $33,000. Finally, OLD Point Trust & Financial Services N A acquired a new stake in shares of Shopify in the 4th quarter worth about $39,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Argus upgraded Shopify to a “strong-buy” rating in a research note on Thursday, August 8th. Benchmark reiterated a “hold” rating on shares of Shopify in a report on Tuesday, August 6th. Wells Fargo & Company raised their price objective on Shopify from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, September 11th. Barclays lifted their price objective on shares of Shopify from $63.00 to $65.00 and gave the stock an “equal weight” rating in a report on Thursday, August 8th. Finally, Cantor Fitzgerald began coverage on shares of Shopify in a research report on Thursday, September 5th. They set a “neutral” rating and a $70.00 price target on the stock. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $77.92.

Shopify Stock Up 4.6 %

SHOP opened at $78.70 on Friday. The firm has a market capitalization of $101.42 billion, a P/E ratio of -462.94, a price-to-earnings-growth ratio of 2.47 and a beta of 2.35. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57. The company has a fifty day moving average price of $68.13 and a 200-day moving average price of $68.39. 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 (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, topping 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 business had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. During the same period in the prior year, the company earned ($0.08) EPS. The company’s quarterly revenue was up 20.7% compared to the same quarter last year. Equities research analysts expect that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

Shopify Company 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.