Private Advisor Group LLC Has $3.76 Million Stock Holdings in Shopify Inc. (NYSE:SHOP)

Private Advisor Group LLC grew its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 105.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 56,976 shares of the software maker’s stock after purchasing an additional 29,261 shares during the period. Private Advisor Group LLC’s holdings in Shopify were worth $3,763,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of SHOP. GQG Partners LLC grew its holdings in shares of Shopify by 197.9% during the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after buying an additional 13,885,473 shares in the last quarter. Norges Bank purchased a new position in Shopify during the 4th quarter valued at about $1,049,089,000. Capital World Investors increased its holdings in shares of Shopify by 26.2% in the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after purchasing an additional 10,340,040 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of 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 purchasing an additional 5,982,434 shares in the last quarter. Finally, Toronto Dominion Bank boosted its holdings in shares of Shopify by 214.5% during the first quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock worth $224,492,000 after purchasing an additional 1,983,996 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Price Performance

Shares of Shopify stock opened at $71.51 on Thursday. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. The company has a market cap of $92.15 billion, a PE ratio of -420.65, a price-to-earnings-growth ratio of 2.25 and a beta of 2.35. The firm has a fifty day moving average price of $67.19 and a two-hundred day moving average price of $68.43. Shopify Inc. has a fifty-two week low of $45.50 and a fifty-two week high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, beating 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 business had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.01 billion. During the same quarter last year, the company earned ($0.08) earnings per share. The firm’s revenue was up 20.7% on a year-over-year basis. Analysts expect that Shopify Inc. will post 0.76 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on SHOP shares. Evercore upped their price objective on shares of Shopify from $75.00 to $80.00 in a research note on Thursday, August 8th. Royal Bank of Canada reiterated an “outperform” rating and set a $85.00 price objective on shares of Shopify in a report on Thursday, August 8th. Loop Capital lifted their price objective on Shopify from $68.00 to $80.00 and gave the company a “hold” rating in a research report on Friday, August 16th. Wells Fargo & Company upped their target price on Shopify from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Benchmark reaffirmed a “hold” rating on shares of Shopify in a research note on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $77.37.

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.