Shopify Inc. (NYSE:SHOP) Shares Purchased by Blue Trust Inc.

Blue Trust Inc. raised its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 928.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,788 shares of the software maker’s stock after acquiring an additional 2,517 shares during the period. Blue Trust Inc.’s holdings in Shopify were worth $184,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Private Wealth Management Group LLC purchased a new position in Shopify during the fourth quarter worth approximately $26,000. DSM Capital Partners LLC acquired a new position in shares of Shopify during the 4th quarter valued at about $28,000. Jones Financial Companies Lllp purchased a new stake in shares of Shopify in the fourth quarter valued at about $28,000. Your Advocates Ltd. LLP increased its position in Shopify by 4,344.4% during the fourth quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock worth $31,000 after purchasing an additional 391 shares during the last quarter. Finally, OLD Point Trust & Financial Services N A purchased a new position in Shopify during the fourth quarter worth about $39,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SHOP has been the subject of several analyst reports. DZ Bank cut shares of Shopify from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. Piper Sandler raised their target price on Shopify from $63.00 to $67.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 24th. JPMorgan Chase & Co. started coverage on Shopify in a research report on Tuesday, June 11th. They issued an “overweight” rating and a $74.00 target price on the stock. UBS Group increased their price target on Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Finally, Mizuho reduced their price objective on shares of Shopify from $75.00 to $65.00 and set a “neutral” rating on the stock in a report on Thursday, May 9th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and an average target price of $77.24.

Shopify Stock Down 0.4 %

Shares of NYSE:SHOP opened at $74.55 on Monday. The firm has a 50 day simple moving average of $64.53 and a 200-day simple moving average of $69.47. Shopify Inc. has a twelve month low of $45.50 and a twelve month 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 company has a market capitalization of $96.07 billion, a PE ratio of -438.53, a P/E/G ratio of 2.40 and a beta of 2.30.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results 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. The firm had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.01 billion. Shopify had a net margin of 16.40% and a return on equity of 10.88%. Shopify’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.08) earnings per share. On average, equities analysts predict that Shopify Inc. will post 0.76 EPS for the current fiscal year.

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.