Shopify Inc. (NYSE:SHOP) Shares Bought by Bleakley Financial Group LLC

Bleakley Financial Group LLC grew its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 26.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 17,113 shares of the software maker’s stock after purchasing an additional 3,610 shares during the period. Bleakley Financial Group LLC’s holdings in Shopify were worth $1,371,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Capital World Investors increased its stake in Shopify by 26.2% during the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after buying an additional 10,340,040 shares during the period. Vanguard Group Inc. increased its stake in shares of Shopify by 1.7% during the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock valued at $3,309,154,000 after acquiring an additional 713,064 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Shopify by 21.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after purchasing an additional 5,982,434 shares in the last quarter. GQG Partners LLC lifted its position in Shopify by 197.9% in the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after purchasing an additional 13,885,473 shares during the period. Finally, Capital International Investors boosted its stake in Shopify by 3.4% during the 1st quarter. Capital International Investors now owns 16,392,141 shares of the software maker’s stock valued at $1,264,982,000 after purchasing an additional 542,503 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on SHOP shares. Evercore upped their price objective on Shopify from $75.00 to $80.00 in a report on Thursday, August 8th. Roth Mkm lifted their target price on shares of Shopify from $77.00 to $79.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. 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. Loop Capital lifted their price objective on shares of Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Finally, Wedbush restated a “neutral” rating and issued a $72.00 target price (up previously from $68.00) on shares of Shopify in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and an average price target of $79.36.

Shopify Stock Performance

NYSE SHOP opened at $82.68 on Friday. The company’s fifty day moving average is $76.26 and its two-hundred day moving average is $68.87. Shopify Inc. has a 52-week low of $45.50 and a 52-week 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 firm has a market capitalization of $106.55 billion, a price-to-earnings ratio of 84.37, a P/E/G ratio of 2.80 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last released 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 the consensus estimate of $2.01 billion. During the same period last year, the business earned ($0.08) earnings per share. The firm’s revenue for the quarter was up 20.7% compared to the same quarter last year. Equities research analysts forecast that Shopify Inc. will post 0.76 EPS for the current 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.