Circle Wealth Management LLC Acquires 15,244 Shares of Shopify Inc. (NYSE:SHOP)

Circle Wealth Management LLC grew its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 314.5% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,091 shares of the software maker’s stock after acquiring an additional 15,244 shares during the period. Circle Wealth Management LLC’s holdings in Shopify were worth $1,327,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Norden Group LLC acquired a new stake in shares of Shopify in the 1st quarter valued at $3,618,000. Silvercrest Asset Management Group LLC raised its holdings 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 valued at $4,084,000 after buying an additional 46,589 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its position in shares of Shopify by 5.8% in the first quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock worth $40,838,000 after buying an additional 28,639 shares during the last quarter. FIL Ltd boosted its stake in shares of Shopify by 1.8% during the 4th quarter. FIL Ltd now owns 13,303,001 shares of the software maker’s stock worth $1,035,688,000 after acquiring an additional 238,596 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Shopify by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock valued at $3,309,154,000 after acquiring an additional 713,064 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Performance

Shopify stock opened at $78.72 on Friday. The firm has a market capitalization of $101.45 billion, a P/E ratio of -463.06, a P/E/G ratio of 2.47 and a beta of 2.35. The stock has a fifty day moving average price of $68.41 and a two-hundred day moving average price of $68.38. Shopify Inc. has a 52-week low of $45.50 and a 52-week high of $91.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The business had revenue of $2.05 billion during 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 firm’s revenue for the quarter was up 20.7% on a year-over-year basis. During the same quarter last year, the company posted ($0.08) EPS. As a group, analysts anticipate that Shopify Inc. will post 0.76 EPS for the current fiscal year.

Analysts Set New Price Targets

SHOP has been the subject of several analyst reports. Wedbush restated a “neutral” rating and issued a $72.00 target price (up from $68.00) on shares of Shopify in a report on Wednesday, August 7th. UBS Group upped their price objective on shares of Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Royal Bank of Canada reiterated an “outperform” rating and issued a $85.00 target price on shares of Shopify in a research note on Thursday, August 8th. The Goldman Sachs Group boosted their target price on shares of Shopify from $67.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, May 28th. Finally, Evercore raised their price target on Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and an average price target of $77.92.

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.