Blue Trust Inc. Acquires 2,680 Shares of Shopify Inc. (NYSE:SHOP)

Blue Trust Inc. boosted its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 96.1% in the 3rd quarter, HoldingsChannel reports. The firm owned 5,468 shares of the software maker’s stock after purchasing an additional 2,680 shares during the quarter. Blue Trust Inc.’s holdings in Shopify were worth $438,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SHOP. Oliver Lagore Vanvalin Investment Group lifted its holdings in shares of Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after buying an additional 200 shares in the last quarter. Cultivar Capital Inc. bought a new position in shares of Shopify during the 2nd quarter valued at about $33,000. Hazlett Burt & Watson Inc. purchased a new position in shares of Shopify during the second quarter valued at about $33,000. Private Wealth Management Group LLC increased its holdings in shares of Shopify by 53.3% in the first quarter. Private Wealth Management Group LLC now owns 518 shares of the software maker’s stock worth $40,000 after purchasing an additional 180 shares during the last quarter. Finally, Redmont Wealth Advisors LLC purchased a new stake in shares of Shopify in the first quarter worth about $42,000. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on SHOP shares. UBS Group raised their price target on Shopify from $71.00 to $75.00 and gave the company a “neutral” rating in a 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 on the stock in a research report on Tuesday, August 6th. DZ Bank lowered shares of Shopify from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. Benchmark restated a “hold” rating on shares of Shopify in a report on Tuesday, August 6th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $67.00 price target on shares of Shopify in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and an average price target of $79.36.

Shopify Stock Performance

Shares of NYSE:SHOP opened at $81.57 on Wednesday. The firm has a 50 day moving average of $76.78 and a 200 day moving average of $68.92. 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 company has a market capitalization of $105.12 billion, a price-to-earnings ratio of 83.23, a price-to-earnings-growth ratio of 2.77 and a beta of 2.36. Shopify Inc. has a 52 week low of $45.50 and a 52 week high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $2.01 billion. During the same period in the previous year, the company posted ($0.08) EPS. The business’s revenue for the quarter was up 20.7% compared to the same quarter last year. On average, sell-side analysts predict that Shopify Inc. will post 0.76 earnings per share for the current fiscal 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.