GM Advisory Group LLC Acquires 1,450 Shares of Shopify Inc. (NYSE:SHOP)

GM Advisory Group LLC increased its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 13.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,607 shares of the software maker’s stock after purchasing an additional 1,450 shares during the period. GM Advisory Group LLC’s holdings in Shopify were worth $833,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Ieq Capital LLC lifted its stake in Shopify by 59.3% during the second quarter. Ieq Capital LLC now owns 37,850 shares of the software maker’s stock worth $2,500,000 after purchasing an additional 14,095 shares during the last quarter. Bright Financial Advisors Inc. lifted its position in Shopify by 11.5% in the 2nd quarter. Bright Financial Advisors Inc. now owns 3,936 shares of the software maker’s stock worth $260,000 after buying an additional 406 shares during the last quarter. Garner Asset Management Corp boosted its stake in Shopify by 6.4% in the second quarter. Garner Asset Management Corp now owns 5,952 shares of the software maker’s stock worth $393,000 after buying an additional 360 shares in the last quarter. Paces Ferry Wealth Advisors LLC grew its position in Shopify by 17.8% during the second quarter. Paces Ferry Wealth Advisors LLC now owns 3,458 shares of the software maker’s stock valued at $228,000 after acquiring an additional 523 shares during the last quarter. Finally, Blair William & Co. IL raised its stake in shares of Shopify by 0.3% during the second quarter. Blair William & Co. IL now owns 372,809 shares of the software maker’s stock worth $24,624,000 after acquiring an additional 1,074 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on SHOP. Moffett Nathanson lowered shares of Shopify from a “buy” rating to a “neutral” rating and reduced their target price for the company from $74.00 to $65.00 in a report on Thursday, June 6th. JMP Securities reiterated a “market outperform” rating and issued a $80.00 price objective on shares of Shopify in a report on Tuesday, September 10th. KeyCorp assumed coverage on Shopify in a report on Thursday, July 25th. They set an “overweight” rating and a $80.00 target price for the company. Loop Capital boosted 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. Finally, Cantor Fitzgerald assumed coverage on shares of Shopify in a report on Thursday, September 5th. They issued a “neutral” rating and a $70.00 target price on the stock. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $77.92.

Shopify Trading Up 4.6 %

Shopify stock opened at $78.70 on Friday. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57. The business’s fifty day moving average is $68.13 and its 200 day moving average is $68.39. The stock has a market capitalization of $101.42 billion, a PE ratio of -462.94, a price-to-earnings-growth ratio of 2.47 and a beta of 2.35. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, topping 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 firm had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.01 billion. During the same period in the previous year, the business posted ($0.08) earnings per share. The business’s revenue for the quarter was up 20.7% on a year-over-year basis. On average, sell-side analysts predict 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.