Copperwynd Financial LLC Invests $801,000 in Shopify Inc. (NYSE:SHOP)

Copperwynd Financial LLC acquired a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,093 shares of the software maker’s stock, valued at approximately $801,000.

Several other hedge funds also recently added to or reduced their stakes in SHOP. Norden Group LLC purchased a new position in Shopify during the first quarter worth about $3,618,000. Silvercrest Asset Management Group LLC increased its holdings 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 valued at $4,084,000 after purchasing an additional 46,589 shares during the last quarter. DekaBank Deutsche Girozentrale increased its holdings in Shopify by 5.8% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock valued at $40,838,000 after purchasing an additional 28,639 shares during the last quarter. FIL Ltd raised its position in Shopify by 1.8% in the fourth quarter. FIL Ltd now owns 13,303,001 shares of the software maker’s stock valued at $1,035,688,000 after purchasing an additional 238,596 shares during the period. Finally, Vanguard Group Inc. lifted its stake in Shopify by 1.7% during the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after purchasing an additional 713,064 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shares of SHOP opened at $79.21 on Friday. The company’s 50 day simple moving average is $69.90 and its 200-day simple moving average is $68.54. The firm has a market cap of $102.08 billion, a PE ratio of -465.94, a price-to-earnings-growth ratio of 2.69 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 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, 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 company had revenue of $2.05 billion for 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. Shopify’s quarterly revenue was up 20.7% on a year-over-year basis. As a group, equities analysts predict that Shopify Inc. will post 0.76 EPS for the current year.

Analyst Ratings Changes

SHOP has been the topic of several research analyst reports. Piper Sandler reiterated a “neutral” rating and issued a $67.00 price objective on shares of Shopify in a report on Thursday, August 29th. Loop Capital boosted their price target on shares of Shopify from $68.00 to $80.00 and gave the stock a “hold” rating in a research note on Friday, August 16th. DZ Bank cut shares of Shopify from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. Wedbush restated a “neutral” rating and issued a $72.00 price objective (up previously from $68.00) on shares of Shopify in a report on Wednesday, August 7th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $70.00 target price on shares of Shopify in a report on Monday, September 23rd. One investment 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $77.92.

Shopify 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.