Parallel Advisors LLC Purchases 1,419 Shares of Shopify Inc. (NYSE:SHOP)

Parallel Advisors LLC increased its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,128 shares of the software maker’s stock after acquiring an additional 1,419 shares during the period. Parallel Advisors LLC’s holdings in Shopify were worth $1,528,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SHOP. DSM Capital Partners LLC acquired a new stake in shares of Shopify in the fourth quarter valued at $28,000. Jones Financial Companies Lllp acquired a new stake in Shopify in the 4th quarter valued at about $28,000. Cultivar Capital Inc. bought a new position in shares of Shopify in the second quarter worth about $33,000. Hazlett Burt & Watson Inc. acquired a new position in shares of Shopify during the second quarter worth approximately $33,000. Finally, OLD Point Trust & Financial Services N A bought a new stake in shares of Shopify during the fourth quarter valued at approximately $39,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently weighed in on SHOP. Roth Mkm boosted their price objective on shares of Shopify from $77.00 to $79.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. The Goldman Sachs Group upped their price target on Shopify from $67.00 to $74.00 and gave the company a “buy” rating in a research note on Tuesday, May 28th. Evercore ISI lifted their price objective on Shopify from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. Royal Bank of Canada restated an “outperform” rating and set a $85.00 target price on shares of Shopify in a research report on Thursday, August 8th. Finally, Bank of America upgraded shares of Shopify from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $78.00 to $82.00 in a research report on Tuesday, July 16th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $77.37.

Shopify Stock Performance

Shares of SHOP opened at $72.45 on Monday. The stock has a market capitalization of $93.36 billion, a price-to-earnings ratio of -426.18, a PEG ratio of 2.39 and a beta of 2.35. Shopify Inc. has a 12 month low of $45.50 and a 12 month high of $91.57. The firm has a fifty day simple moving average of $67.38 and a 200 day simple moving average of $68.30. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The company had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The company’s quarterly revenue was up 20.7% on a year-over-year basis. During the same period in the prior year, the business posted ($0.08) EPS. Research 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.