Shopify Inc. (NYSE:SHOP) Position Boosted by Bright Financial Advisors Inc.

Bright Financial Advisors Inc. increased its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 11.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,936 shares of the software maker’s stock after purchasing an additional 406 shares during the quarter. Bright Financial Advisors Inc.’s holdings in Shopify were worth $260,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norden Group LLC bought a new stake in shares of Shopify during the 1st quarter worth $3,618,000. Silvercrest Asset Management Group LLC increased its stake in Shopify by 735.0% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock worth $4,084,000 after purchasing an additional 46,589 shares in the last quarter. DekaBank Deutsche Girozentrale raised its holdings in Shopify by 5.8% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock worth $40,838,000 after buying an additional 28,639 shares during the period. FIL Ltd lifted its stake in Shopify by 1.8% during the fourth quarter. FIL Ltd now owns 13,303,001 shares of the software maker’s stock valued at $1,035,688,000 after buying an additional 238,596 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in shares of 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 acquiring an additional 713,064 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have weighed in on SHOP. Truist Financial lowered their price objective on shares of Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a research report on Tuesday, August 6th. Redburn Atlantic upgraded Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price target on the stock in a report on Tuesday. Benchmark restated a “hold” rating on shares of Shopify in a research report on Tuesday, August 6th. Morgan Stanley lifted their target price on Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Finally, The Goldman Sachs Group increased their price target on shares of Shopify from $67.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, May 28th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.92.

Shopify Trading Up 1.0 %

Shares of Shopify stock opened at $75.23 on Thursday. Shopify Inc. has a 1 year low of $45.50 and a 1 year high of $91.57. The company’s fifty day simple moving average is $67.86 and its 200-day simple moving average is $68.32. The company has a market cap of $96.95 billion, a price-to-earnings ratio of -442.53, a PEG ratio of 2.39 and a beta of 2.35. 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 announced its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 EPS 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 during the quarter, compared to analyst estimates of $2.01 billion. During the same quarter in the prior year, the business earned ($0.08) earnings per share. The firm’s revenue for the quarter was up 20.7% on a year-over-year basis. As a group, sell-side analysts expect that Shopify Inc. will post 0.76 EPS for the current 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.