Wolff Wiese Magana LLC Acquires 152 Shares of Shopify Inc. (NYSE:SHOP)

Wolff Wiese Magana LLC increased its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 5.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,974 shares of the software maker’s stock after acquiring an additional 152 shares during the period. Wolff Wiese Magana LLC’s holdings in Shopify were worth $238,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its holdings in Shopify by 58.0% during the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 10,178 shares of the software maker’s stock valued at $816,000 after purchasing an additional 3,737 shares in the last quarter. Hummer Financial Advisory Services Inc acquired a new stake in Shopify in the 3rd quarter valued at $200,000. Sumitomo Life Insurance Co. grew its position in Shopify by 2.8% in the third quarter. Sumitomo Life Insurance Co. now owns 13,112 shares of the software maker’s stock valued at $1,051,000 after acquiring an additional 357 shares during the period. First United Bank & Trust raised its stake in Shopify by 22.3% during the third quarter. First United Bank & Trust now owns 4,490 shares of the software maker’s stock worth $360,000 after acquiring an additional 820 shares in the last quarter. Finally, Prospect Financial Services LLC bought a new position in shares of Shopify during the third quarter valued at $288,000. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

SHOP stock opened at $81.82 on Thursday. Shopify Inc. has a 1-year low of $45.50 and a 1-year 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. The firm has a market cap of $105.44 billion, a PE ratio of -481.29, a P/E/G ratio of 2.77 and a beta of 2.36. The business’s 50-day moving average price is $75.73 and its two-hundred day moving average price is $68.81.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The business had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.01 billion. During the same quarter in the previous year, the business posted ($0.08) EPS. Shopify’s revenue for the quarter was up 20.7% on a year-over-year basis. As a group, research analysts forecast that Shopify Inc. will post 0.76 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently weighed in on SHOP. 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. Robert W. Baird raised their price objective on shares of Shopify from $79.00 to $90.00 and gave the stock an “outperform” rating in a report on Wednesday, October 9th. Barclays boosted their target price on Shopify from $65.00 to $70.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 1st. Evercore ISI raised their price target on Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Finally, Piper Sandler restated a “neutral” rating and set a $67.00 target price on shares of Shopify in a report on Thursday, August 29th. One equities research 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 stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $78.97.

Shopify Company 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.