Greenleaf Trust Makes New Investment in Shopify Inc. (NYSE:SHOP)

Greenleaf Trust 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 disclosure with the Securities and Exchange Commission. The institutional investor acquired 3,755 shares of the software maker’s stock, valued at approximately $301,000.

Several other hedge funds have also modified their holdings of SHOP. Capital World Investors grew its stake in shares of 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. grew its holdings in shares of Shopify by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after purchasing an additional 713,064 shares during the period. Price T Rowe Associates Inc. MD increased its position in Shopify by 21.2% during the 1st 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 raised its holdings in 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 buying an additional 13,885,473 shares during the period. Finally, Capital International Investors lifted its position in Shopify by 3.4% during the first quarter. Capital International Investors now owns 16,392,141 shares of the software maker’s stock valued at $1,264,982,000 after buying an additional 542,503 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently weighed in on SHOP shares. Redburn Atlantic upgraded shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 target price on the stock in a report on Tuesday, September 17th. Benchmark reiterated a “hold” rating on shares of Shopify in a research note on Tuesday, August 6th. Cantor Fitzgerald reissued a “neutral” rating and set a $70.00 price target on shares of Shopify in a research report on Monday, October 7th. Bank of America upgraded shares of Shopify from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $78.00 to $82.00 in a research note on Tuesday, July 16th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $80.21.

Shopify Price Performance

NYSE SHOP opened at $79.05 on Friday. The company has a 50-day moving average price of $77.13 and a two-hundred day moving average price of $69.10. Shopify Inc. has a 52 week low of $45.50 and a 52 week high of $91.57. The stock has a market cap of $101.87 billion, a price-to-earnings ratio of -465.00, a price-to-earnings-growth ratio of 2.73 and a beta of 2.36. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The business had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The business’s revenue for the quarter was up 20.7% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.08) EPS. Analysts forecast that Shopify Inc. will post 0.76 EPS for the current 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.