Pallas Capital Advisors LLC Acquires 5,249 Shares of Shopify Inc. (NYSE:SHOP)

Pallas Capital Advisors LLC boosted its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 51.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,501 shares of the software maker’s stock after acquiring an additional 5,249 shares during the period. Pallas Capital Advisors LLC’s holdings in Shopify were worth $1,237,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Norden Group LLC acquired a new stake in shares of Shopify during the 1st quarter worth about $3,618,000. Silvercrest Asset Management Group LLC lifted its position in Shopify by 735.0% during the first quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock worth $4,084,000 after acquiring an additional 46,589 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in 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 acquiring an additional 7,009 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in shares of 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 acquiring an additional 28,639 shares during the period. Finally, Clearbridge Investments LLC grew its position 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 purchasing an additional 1,657,251 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of SHOP stock opened at $80.40 on Wednesday. The firm has a 50 day moving average of $77.33 and a 200-day moving average of $69.17. The company has a market cap of $103.61 billion, a price-to-earnings ratio of -472.94, a price-to-earnings-growth 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 Inc. has a 52 week low of $45.50 and a 52 week high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, topping 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 business had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.01 billion. During the same period last year, the company posted ($0.08) earnings per share. The business’s quarterly revenue was up 20.7% on a year-over-year basis. On average, equities analysts forecast that Shopify Inc. will post 0.76 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SHOP. JMP Securities reissued a “market outperform” rating and set a $80.00 price target on shares of Shopify in a report on Tuesday, September 10th. DZ Bank downgraded Shopify from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Citigroup upped their price target on shares of Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a research note on Monday, September 30th. JPMorgan Chase & Co. raised their price target on shares of Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Finally, Evercore ISI boosted their price objective on shares of Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and an average price target of $80.21.

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.