Wedmont Private Capital Acquires Shares of 3,327 Shopify Inc. (NYSE:SHOP)

Wedmont Private Capital acquired a new stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 3,327 shares of the software maker’s stock, valued at approximately $269,000.

A number of other institutional investors have also modified their holdings of the stock. Oliver Lagore Vanvalin Investment Group increased its stake in shares of Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after purchasing an additional 200 shares in the last quarter. Cultivar Capital Inc. acquired a new stake in Shopify in the 2nd quarter worth about $33,000. Hazlett Burt & Watson Inc. acquired a new stake in Shopify in the 2nd quarter worth about $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Shopify in the 2nd quarter worth about $39,000. Finally, Private Wealth Management Group LLC boosted its holdings in Shopify by 53.3% in the 1st quarter. Private Wealth Management Group LLC now owns 518 shares of the software maker’s stock worth $40,000 after buying an additional 180 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on SHOP shares. Piper Sandler restated a “neutral” rating and set a $67.00 target price on shares of Shopify in a report on Thursday, August 29th. Cantor Fitzgerald restated a “neutral” rating and set a $70.00 target price on shares of Shopify in a report on Monday, October 7th. KeyCorp started coverage on Shopify in a report on Thursday, July 25th. They set an “overweight” rating and a $80.00 target price on the stock. Royal Bank of Canada restated an “outperform” rating and set a $85.00 target price on shares of Shopify in a report on Thursday, August 8th. Finally, Wells Fargo & Company boosted their target price on Shopify from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, September 11th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $78.97.

Shopify Price Performance

Shares of SHOP opened at $83.24 on Monday. Shopify Inc. has a fifty-two week low of $45.50 and a fifty-two week high of $91.57. The company has a market capitalization of $107.27 billion, a price-to-earnings ratio of 84.94, a price-to-earnings-growth ratio of 2.77 and a beta of 2.36. The firm has a 50-day simple moving average of $74.19 and a 200-day simple moving average of $68.64. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current 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 the consensus estimate of $0.20 by $0.06. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The business had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. During the same quarter in the prior year, the firm earned ($0.08) earnings per share. The business’s quarterly revenue was up 20.7% compared to the same quarter last year. On average, equities research analysts anticipate that Shopify Inc. will post 0.76 earnings per share for the current 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.