United Advisor Group LLC Takes Position in Shopify Inc. (NYSE:SHOP)

United Advisor Group LLC purchased a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 40,095 shares of the software maker’s stock, valued at approximately $3,213,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SHOP. GQG Partners LLC lifted its position in Shopify by 197.9% in the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after purchasing an additional 13,885,473 shares during the period. Capital World Investors grew its holdings in Shopify by 26.2% during the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after acquiring an additional 10,340,040 shares during the period. Price T Rowe Associates Inc. MD raised its position in Shopify by 21.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after acquiring an additional 5,982,434 shares in the last quarter. Mackenzie Financial Corp boosted its position in shares of Shopify by 49.9% during the 2nd quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock worth $417,386,000 after purchasing an additional 2,102,939 shares in the last quarter. Finally, Toronto Dominion Bank increased its holdings in shares of Shopify by 214.5% in the 1st quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock valued at $224,492,000 after purchasing an additional 1,983,996 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Trading Down 0.7 %

Shares of Shopify stock opened at $78.44 on Tuesday. The business has a fifty day simple moving average of $77.61 and a 200-day simple moving average of $69.45. The firm has a market cap of $101.22 billion, a price-to-earnings ratio of 80.04, a price-to-earnings-growth ratio of 2.64 and a beta of 2.36. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $91.57. 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 released its 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. The business had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.01 billion. Shopify had a net margin of 16.40% and a return on equity of 10.88%. 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 firm earned ($0.08) EPS. On average, equities analysts forecast that Shopify Inc. will post 0.76 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. 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 note on Wednesday, October 9th. Truist Financial reduced their target price on shares of Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a report on Tuesday, August 6th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Piper Sandler reissued a “neutral” rating and set a $67.00 price objective on shares of Shopify in a research note on Thursday, August 29th. Finally, Benchmark reaffirmed a “hold” rating on shares of Shopify in a research note on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $81.03.

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.