Shopify Inc. (NYSE:SHOP) Stock Position Raised by EverSource Wealth Advisors LLC

EverSource Wealth Advisors LLC lifted its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 23.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,020 shares of the software maker’s stock after purchasing an additional 581 shares during the period. EverSource Wealth Advisors LLC’s holdings in Shopify were worth $185,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. GQG Partners LLC raised its stake in Shopify by 197.9% during the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after purchasing an additional 13,885,473 shares during the period. Capital World Investors raised its position in Shopify by 26.2% during the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after buying an additional 10,340,040 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Shopify by 21.2% in the 1st 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 acquiring an additional 5,982,434 shares in the last quarter. Toronto Dominion Bank boosted its position in Shopify by 214.5% during the 1st quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock worth $224,492,000 after acquiring an additional 1,983,996 shares during the period. Finally, William Blair Investment Management LLC grew its stake in Shopify by 5,918.3% during the 1st quarter. William Blair Investment Management LLC now owns 1,930,003 shares of the software maker’s stock valued at $148,938,000 after acquiring an additional 1,897,934 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on SHOP shares. Argus raised shares of Shopify to a “strong-buy” rating in a research report on Thursday, August 8th. Morgan Stanley increased their target price on shares of Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Evercore ISI boosted their price target on shares of Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Benchmark reiterated a “hold” rating on shares of Shopify in a report on Tuesday, August 6th. Finally, Loop Capital boosted their price target on Shopify from $68.00 to $80.00 and gave the company a “hold” rating in a research note on Friday, August 16th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $77.92.

Shopify Price Performance

Shopify stock opened at $79.27 on Thursday. The business has a 50 day simple moving average of $68.94 and a 200 day simple moving average of $68.40. 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 capitalization of $102.15 billion, a PE ratio of -465.53, a price-to-earnings-growth ratio of 2.68 and a beta of 2.35. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57.

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