Shopify Inc. (NYSE:SHOP) Shares Bought by Bristlecone Advisors LLC

Bristlecone Advisors LLC grew its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,128 shares of the software maker’s stock after purchasing an additional 905 shares during the quarter. Bristlecone Advisors LLC’s holdings in Shopify were worth $2,014,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. DekaBank Deutsche Girozentrale increased its stake in shares of Shopify by 5.9% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 524,986 shares of the software maker’s stock valued at $41,557,000 after purchasing an additional 29,425 shares in the last quarter. Arkadios Wealth Advisors lifted its holdings in Shopify by 2.8% during the third quarter. Arkadios Wealth Advisors now owns 13,486 shares of the software maker’s stock valued at $1,081,000 after purchasing an additional 367 shares in the last quarter. NorthCrest Asset Manangement LLC grew its position in shares of Shopify by 3.4% in the third quarter. NorthCrest Asset Manangement LLC now owns 92,886 shares of the software maker’s stock valued at $7,444,000 after purchasing an additional 3,078 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Shopify by 3.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 190,371 shares of the software maker’s stock worth $15,079,000 after purchasing an additional 7,009 shares in the last quarter. Finally, Lyell Wealth Management LP raised its position in shares of Shopify by 0.6% during the 3rd quarter. Lyell Wealth Management LP now owns 157,184 shares of the software maker’s stock worth $12,597,000 after purchasing an additional 983 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Evercore lifted their price objective on Shopify from $75.00 to $80.00 in a report on Thursday, August 8th. Argus upgraded Shopify to a “strong-buy” rating in a research report on Thursday, August 8th. Loop Capital increased their target price on shares of Shopify from $80.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Piper Sandler restated a “neutral” rating and set a $67.00 price target on shares of Shopify in a research report on Thursday, August 29th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $70.00 price objective on shares of Shopify in a research note on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $80.21.

Shopify Trading Down 1.0 %

NYSE:SHOP opened at $79.05 on Friday. The stock has a fifty day moving average price of $77.13 and a 200 day moving average price of $69.06. 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 Inc. has a 12-month low of $45.50 and a 12-month high of $91.57. The firm has a market cap of $101.87 billion, a PE ratio of -465.00, a price-to-earnings-growth ratio of 2.73 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The business had revenue of $2.05 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the company posted ($0.08) earnings per share. Sell-side analysts anticipate that Shopify Inc. will post 0.76 earnings per share 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.