International Assets Investment Management LLC Acquires 1,127,692 Shares of Shopify Inc. (NYSE:SHOP)

International Assets Investment Management LLC lifted its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 7,928.7% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,141,915 shares of the software maker’s stock after buying an additional 1,127,692 shares during the period. International Assets Investment Management LLC’s holdings in Shopify were worth $91,513,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Norden Group LLC bought a new stake in shares of Shopify in the 1st quarter worth about $3,618,000. Silvercrest Asset Management Group LLC boosted its stake in shares of Shopify by 735.0% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock worth $4,084,000 after purchasing an additional 46,589 shares during the period. DekaBank Deutsche Girozentrale boosted its stake in shares of Shopify by 5.8% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock worth $40,838,000 after purchasing an additional 28,639 shares during the period. Clearbridge Investments LLC boosted its stake in shares of Shopify by 54.2% during the 2nd quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock worth $311,404,000 after purchasing an additional 1,657,251 shares during the period. Finally, Vanguard Group Inc. boosted its stake 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. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Performance

Shares of SHOP opened at $79.05 on Friday. The business’s fifty day moving average price is $77.13 and its 200 day moving average price is $69.10. Shopify Inc. has a 12-month low of $45.50 and a 12-month high of $91.57. The stock has a market capitalization of $101.87 billion, a PE ratio of -465.00, a price-to-earnings-growth ratio of 2.73 and a beta of 2.36. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32.

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

Wall Street Analyst Weigh In

A number of equities analysts recently commented on SHOP shares. JPMorgan Chase & Co. lifted their price target on shares of Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Benchmark reaffirmed a “hold” rating on shares of Shopify in a research note on Tuesday, August 6th. Loop Capital lifted their price target on shares of Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $70.00 price target on shares of Shopify in a research note on Monday, October 7th. Finally, Barclays boosted their price objective on shares of Shopify from $65.00 to $70.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $80.21.

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.