Dynamic Advisor Solutions LLC Boosts Position in Shopify Inc. (NYSE:SHOP)

Dynamic Advisor Solutions LLC grew its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 7.1% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 8,778 shares of the software maker’s stock after purchasing an additional 585 shares during the period. Dynamic Advisor Solutions LLC’s holdings in Shopify were worth $703,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of SHOP. Norden Group LLC acquired a new stake in shares of Shopify during the first quarter worth about $3,618,000. Silvercrest Asset Management Group LLC grew its stake in Shopify by 735.0% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock worth $4,084,000 after buying an additional 46,589 shares during the last quarter. DekaBank Deutsche Girozentrale increased its position in Shopify by 5.8% during the first 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 increased its position in Shopify by 1.8% during the fourth quarter. FIL Ltd now owns 13,303,001 shares of the software maker’s stock worth $1,035,688,000 after buying an additional 238,596 shares during the period. Finally, Clearbridge Investments LLC boosted its holdings in shares of Shopify by 54.2% in the second quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock valued at $311,404,000 after acquiring an additional 1,657,251 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shares of SHOP opened at $83.24 on Friday. Shopify Inc. has a 1 year low of $45.50 and a 1 year high of $91.57. The company’s 50 day simple moving average is $73.61 and its 200 day simple moving average is $68.75. The company has a market capitalization of $107.27 billion, a price-to-earnings ratio of 84.94, a PEG ratio of 2.79 and a beta of 2.36. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The company had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The business’s revenue for the quarter was up 20.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.08) EPS. On average, sell-side analysts predict that Shopify Inc. will post 0.76 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on SHOP shares. Morgan Stanley lifted their target price on shares of Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Redburn Atlantic raised shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price objective on the stock in a research note on Tuesday, September 17th. Royal Bank of Canada restated an “outperform” rating and issued a $85.00 target price on shares of Shopify in a research note on Thursday, August 8th. Wedbush reiterated a “neutral” rating and set a $72.00 price target (up from $68.00) on shares of Shopify in a research note on Wednesday, August 7th. Finally, KeyCorp assumed coverage on shares of Shopify in a research report on Thursday, July 25th. They issued an “overweight” rating and a $80.00 price objective for the company. One equities research 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $78.97.

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.