First Trust Direct Indexing L.P. Acquires 1,520 Shares of Shopify Inc. (NYSE:SHOP)

First Trust Direct Indexing L.P. grew its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 10.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,825 shares of the software maker’s stock after acquiring an additional 1,520 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Shopify were worth $1,268,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. Capital World Investors boosted its stake in Shopify by 26.2% in the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after buying an additional 10,340,040 shares in the last quarter. Vanguard Group Inc. boosted its stake in Shopify by 1.7% in the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after buying an additional 713,064 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Shopify by 21.2% in the first 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 buying an additional 5,982,434 shares in the last quarter. GQG Partners LLC boosted its stake in Shopify by 197.9% in the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after buying an additional 13,885,473 shares in the last quarter. Finally, Capital International Investors lifted its position in Shopify by 3.4% in 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 purchasing an additional 542,503 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Trading Down 2.3 %

SHOP stock opened at $78.20 on Friday. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. Shopify Inc. has a twelve month low of $45.50 and a twelve month high of $91.57. The stock has a market capitalization of $100.78 billion, a price-to-earnings ratio of -460.00, a price-to-earnings-growth ratio of 2.65 and a beta of 2.36. The firm’s fifty day simple moving average is $77.49 and its two-hundred day simple moving average is $69.31.

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

Analysts Set New Price Targets

Several analysts have weighed in on SHOP shares. KeyCorp started coverage on Shopify in a research report on Thursday, July 25th. They issued an “overweight” rating and a $80.00 price objective for the company. Evercore upped their target price on Shopify from $75.00 to $80.00 in a report on Thursday, August 8th. Evercore ISI upped their target price on Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Piper Sandler restated a “neutral” rating and set a $67.00 target price on shares of Shopify in a report on Thursday, August 29th. Finally, Royal Bank of Canada upped their price target on Shopify from $85.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $80.21.

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.