Diversify Advisory Services LLC Buys 3,857 Shares of Shopify Inc. (NYSE:SHOP)

Diversify Advisory Services LLC grew its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 38.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,954 shares of the software maker’s stock after buying an additional 3,857 shares during the period. Diversify Advisory Services LLC’s holdings in Shopify were worth $1,139,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Miracle Mile Advisors LLC lifted its position in shares of Shopify by 10.1% in the 1st quarter. Miracle Mile Advisors LLC now owns 3,444 shares of the software maker’s stock worth $266,000 after purchasing an additional 316 shares during the period. SeaCrest Wealth Management LLC lifted its holdings in Shopify by 6.6% in the first quarter. SeaCrest Wealth Management LLC now owns 6,195 shares of the software maker’s stock valued at $478,000 after buying an additional 382 shares during the period. Valley National Advisers Inc. boosted its position in Shopify by 11.4% during the first quarter. Valley National Advisers Inc. now owns 1,482 shares of the software maker’s stock valued at $114,000 after acquiring an additional 152 shares during the last quarter. Lake Street Private Wealth LLC grew its holdings in Shopify by 21.4% during the 1st quarter. Lake Street Private Wealth LLC now owns 9,675 shares of the software maker’s stock worth $747,000 after acquiring an additional 1,705 shares during the period. Finally, Norden Group LLC bought a new position in shares of Shopify in the 1st quarter worth about $3,618,000. 69.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on SHOP shares. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $70.00 target price on shares of Shopify in a research note on Monday, October 7th. UBS Group lifted their price objective on shares of Shopify from $71.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. Truist Financial cut their target price on shares of Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a research note on Tuesday, August 6th. Bank of America raised shares of Shopify from a “neutral” rating to a “buy” rating and lifted their price target for the company from $78.00 to $82.00 in a research note on Tuesday, July 16th. Finally, Benchmark reissued a “hold” rating on shares of Shopify in a research report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $80.21.

Shopify Stock Up 0.7 %

SHOP opened at $80.40 on Wednesday. Shopify Inc. has a twelve month low of $45.50 and a twelve month high of $91.57. The company’s 50-day moving average price is $77.33 and its two-hundred day moving average price is $69.17. The stock has a market cap of $103.61 billion, a price-to-earnings ratio of -472.94, a PEG ratio of 2.65 and a beta of 2.36. The company has a quick ratio of 7.32, a current 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 the consensus estimate of $0.20 by $0.06. The business had revenue of $2.05 billion for 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%. Shopify’s revenue for the quarter was up 20.7% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.08) earnings per share. As a group, equities analysts expect that Shopify Inc. will post 0.76 earnings per share for the current 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.