Waldron Private Wealth LLC Acquires New Position in Shopify Inc. (NYSE:SHOP)

Waldron Private Wealth LLC bought a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the third quarter, HoldingsChannel.com reports. The firm bought 2,164 shares of the software maker’s stock, valued at approximately $173,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Massmutual Trust Co. FSB ADV grew its position in shares of Shopify by 7.0% during the third quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker’s stock worth $159,000 after buying an additional 129 shares in the last quarter. CVA Family Office LLC grew its holdings in Shopify by 11.8% during the 3rd quarter. CVA Family Office LLC now owns 1,354 shares of the software maker’s stock worth $109,000 after acquiring an additional 143 shares in the last quarter. Willis Johnson & Associates Inc. increased its position in shares of Shopify by 5.8% in the 1st quarter. Willis Johnson & Associates Inc. now owns 2,728 shares of the software maker’s stock valued at $211,000 after purchasing an additional 149 shares during the last quarter. Valley National Advisers Inc. raised its holdings in shares of Shopify by 11.4% in the 1st quarter. Valley National Advisers Inc. now owns 1,482 shares of the software maker’s stock valued at $114,000 after purchasing an additional 152 shares in the last quarter. Finally, Wolff Wiese Magana LLC lifted its position in shares of Shopify by 5.4% during the 3rd quarter. Wolff Wiese Magana LLC now owns 2,974 shares of the software maker’s stock worth $238,000 after purchasing an additional 152 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

SHOP has been the topic of a number of analyst reports. Truist Financial cut their price target on Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a research note on Tuesday, August 6th. Bank of America raised Shopify from a “neutral” rating to a “buy” rating and raised their target price for the stock from $78.00 to $82.00 in a research report on Tuesday, July 16th. Royal Bank of Canada upped their price target on Shopify from $85.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, October 18th. KeyCorp began coverage on shares of Shopify in a report on Thursday, July 25th. They set an “overweight” rating and a $80.00 price objective on the stock. Finally, Evercore ISI upped their target price on shares of Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Shopify has an average rating of “Moderate Buy” and a consensus target price of $79.36.

Shopify Price Performance

Shares of NYSE SHOP opened at $79.65 on Thursday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57. The firm has a market capitalization of $102.64 billion, a P/E ratio of 81.28, a PEG ratio of 2.77 and a beta of 2.36. The company’s fifty day moving average is $76.94 and its two-hundred day moving average is $69.00.

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 the consensus estimate of $0.20 by $0.06. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The company had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. During the same period in the prior year, the business posted ($0.08) earnings per share. The firm’s revenue for the quarter was up 20.7% compared to the same quarter last year. Analysts forecast that Shopify Inc. will post 0.76 EPS for the current fiscal 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.