Shopify Inc. (NYSE:SHOP) Stock Holdings Lifted by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC raised its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 15.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,469 shares of the software maker’s stock after purchasing an additional 1,633 shares during the period. Axxcess Wealth Management LLC’s holdings in Shopify were worth $824,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its holdings in Shopify by 9.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 469,529 shares of the software maker’s stock worth $36,576,000 after purchasing an additional 41,205 shares in the last quarter. Level Four Advisory Services LLC bought a new stake in shares of Shopify during the 4th quarter worth about $262,000. Coldstream Capital Management Inc. acquired a new position in shares of Shopify during the 4th quarter valued at about $251,000. Balentine LLC bought a new position in shares of Shopify in the 4th quarter valued at approximately $265,000. Finally, Corient Private Wealth LLC lifted its holdings in Shopify by 6.1% in the 4th quarter. Corient Private Wealth LLC now owns 82,347 shares of the software maker’s stock worth $6,415,000 after purchasing an additional 4,731 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shopify stock opened at $78.70 on Friday. Shopify Inc. has a 1 year low of $45.50 and a 1 year high of $91.57. The company’s 50-day moving average is $68.13 and its two-hundred day moving average is $68.39. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The company has a market cap of $101.42 billion, a PE ratio of -462.94, a PEG ratio of 2.47 and a beta of 2.35.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. The firm had revenue of $2.05 billion for the quarter, compared to analysts’ expectations 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 last year, the firm earned ($0.08) earnings per share. Equities analysts anticipate that Shopify Inc. will post 0.76 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. KeyCorp started coverage on shares of Shopify in a research report on Thursday, July 25th. They issued an “overweight” rating and a $80.00 price target on the stock. Wedbush reissued a “neutral” rating and set a $72.00 price objective (up previously from $68.00) on shares of Shopify in a research report on Wednesday, August 7th. Truist Financial lowered their target price on Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a report on Tuesday, August 6th. Moffett Nathanson lowered Shopify from a “buy” rating to a “neutral” rating and cut their price target for the stock from $74.00 to $65.00 in a report on Thursday, June 6th. Finally, Benchmark restated a “hold” rating on shares of Shopify in a research note on Tuesday, August 6th. One research 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 company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $77.92.

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.