Lake Street Advisors Group LLC Takes $201,000 Position in Shopify Inc. (NYSE:SHOP)

Lake Street Advisors Group LLC bought a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 2,502 shares of the software maker’s stock, valued at approximately $201,000.

A number of other large investors have also modified their holdings of SHOP. Ballentine Partners LLC bought a new position in Shopify during the 3rd quarter worth approximately $415,000. Garrison Point Advisors LLC lifted its holdings in Shopify by 13.1% during the 3rd quarter. Garrison Point Advisors LLC now owns 6,545 shares of the software maker’s stock worth $525,000 after buying an additional 760 shares during the last quarter. Tectonic Advisors LLC lifted its holdings in Shopify by 28.1% during the 3rd quarter. Tectonic Advisors LLC now owns 13,081 shares of the software maker’s stock worth $1,048,000 after buying an additional 2,870 shares during the last quarter. Dakota Wealth Management lifted its holdings in Shopify by 14.9% during the 3rd quarter. Dakota Wealth Management now owns 8,916 shares of the software maker’s stock worth $715,000 after buying an additional 1,157 shares during the last quarter. Finally, Zweig DiMenna Associates LLC bought a new position in Shopify during the 3rd quarter worth approximately $593,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on the company. Evercore ISI increased their target price on Shopify from $75.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. Benchmark reissued a “hold” rating on shares of Shopify in a report on Tuesday, August 6th. Argus raised Shopify to a “strong-buy” rating in a report on Thursday, August 8th. Cantor Fitzgerald reissued a “neutral” rating and issued a $70.00 price target on shares of Shopify in a report on Monday, October 7th. Finally, Morgan Stanley raised their price target on Shopify from $80.00 to $85.00 and gave the stock an “overweight” 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-three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $80.21.

Shopify Price Performance

Shares of NYSE:SHOP opened at $79.05 on Monday. The firm has a market cap of $101.87 billion, a price-to-earnings ratio of -465.00, a P/E/G ratio of 2.73 and a beta of 2.36. Shopify Inc. has a 1 year low of $45.50 and a 1 year high of $91.57. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The business has a fifty day simple moving average of $77.13 and a 200 day simple moving average of $69.04.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly 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 company had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. During the same period last year, the business earned ($0.08) EPS. The business’s quarterly revenue was up 20.7% on a year-over-year basis. As a group, sell-side analysts predict that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

Shopify 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.