BOCHK Asset Management Ltd Acquires Shares of 89,000 Shopify Inc. (NYSE:SHOP)

BOCHK Asset Management Ltd bought a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 89,000 shares of the software maker’s stock, valued at approximately $7,132,000. Shopify accounts for about 2.1% of BOCHK Asset Management Ltd’s portfolio, making the stock its 18th biggest position.

Several other institutional investors have also recently made changes to their positions in SHOP. Massmutual Trust Co. FSB ADV boosted its position in Shopify by 7.0% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker’s stock valued at $159,000 after buying an additional 129 shares during the period. CVA Family Office LLC increased its position in shares of Shopify by 11.8% during the third quarter. CVA Family Office LLC now owns 1,354 shares of the software maker’s stock worth $109,000 after purchasing an additional 143 shares in the last quarter. Willis Johnson & Associates Inc. lifted its holdings in shares of Shopify by 5.8% during the 1st quarter. Willis Johnson & Associates Inc. now owns 2,728 shares of the software maker’s stock valued at $211,000 after purchasing an additional 149 shares during the last quarter. Valley National Advisers Inc. boosted its position in shares of Shopify by 11.4% in the 1st quarter. Valley National Advisers Inc. now owns 1,482 shares of the software maker’s stock worth $114,000 after purchasing an additional 152 shares in the last quarter. Finally, Wolff Wiese Magana LLC grew its stake in Shopify by 5.4% during the 3rd quarter. Wolff Wiese Magana LLC now owns 2,974 shares of the software maker’s stock worth $238,000 after buying an additional 152 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SHOP. DZ Bank lowered Shopify from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. Evercore boosted their target price on shares of Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. Wedbush restated a “neutral” rating and set a $72.00 price target (up previously from $68.00) on shares of Shopify in a research note on Wednesday, August 7th. Royal Bank of Canada lifted their price objective on shares of Shopify from $85.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Finally, Robert W. Baird upped their target price on Shopify from $79.00 to $90.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and an average target price of $79.49.

Shopify Price Performance

Shares of Shopify stock traded down $0.27 during trading hours on Thursday, reaching $79.39. 2,336,859 shares of the company’s stock were exchanged, compared to its average volume of 9,194,177. The business has a fifty day moving average of $76.94 and a two-hundred day moving average of $69.00. The company has a market capitalization of $102.31 billion, a P/E ratio of 81.00, a price-to-earnings-growth ratio of 2.73 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 1 year low of $45.50 and a 1 year high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, topping 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 period in the previous year, the firm posted ($0.08) EPS. The business’s revenue for the quarter was up 20.7% compared to the same quarter last year. As a group, research analysts predict that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

Shopify 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.