Wealth Effects LLC Purchases New Shares in Shopify Inc. (NYSE:SHOP)

Wealth Effects LLC acquired a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,575 shares of the software maker’s stock, valued at approximately $206,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. GQG Partners LLC increased its holdings in shares of Shopify by 197.9% in the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after purchasing an additional 13,885,473 shares in the last quarter. Capital World Investors increased its stake in shares of Shopify by 26.2% in 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. Price T Rowe Associates Inc. MD raised its position in shares of 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 acquiring an additional 5,982,434 shares during the last quarter. Mackenzie Financial Corp raised its position in shares of Shopify by 49.9% during the second quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock worth $417,386,000 after acquiring an additional 2,102,939 shares during the last quarter. Finally, Toronto Dominion Bank lifted its stake in shares of Shopify by 214.5% during the first quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock valued at $224,492,000 after acquiring an additional 1,983,996 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Down 0.0 %

NYSE:SHOP opened at $82.65 on Tuesday. Shopify Inc. has a twelve month low of $45.50 and a twelve month high of $91.57. The firm has a market capitalization of $106.51 billion, a price-to-earnings ratio of 84.34, a price-to-earnings-growth ratio of 2.77 and a beta of 2.36. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The stock’s 50 day moving average price is $76.54 and its two-hundred day moving average price is $68.88.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued 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 net margin of 16.40% and a return on equity of 10.88%. The business had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.01 billion. During the same period in the previous year, the company earned ($0.08) earnings per share. The firm’s revenue for the quarter was up 20.7% on a year-over-year basis. Equities research analysts expect that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have issued reports on SHOP shares. Wolfe Research began coverage on shares of Shopify in a research report on Tuesday, July 16th. They set an “outperform” rating and a $80.00 target price on the stock. Bank of America upgraded shares of Shopify from a “neutral” rating to a “buy” rating and increased their price objective for the company from $78.00 to $82.00 in a report on Tuesday, July 16th. Cantor Fitzgerald reiterated a “neutral” rating and set a $70.00 target price on shares of Shopify in a research report on Monday, October 7th. Argus upgraded Shopify to a “strong-buy” rating in a research report on Thursday, August 8th. Finally, Roth Mkm upped their price objective on Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a report on Thursday, August 8th. One investment 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 issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $79.36.

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.