Objectivity Squared LLC Boosts Position in Shopify Inc. (NYSE:SHOP)

Objectivity Squared LLC raised its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,997 shares of the software maker’s stock after buying an additional 298 shares during the period. Objectivity Squared LLC’s holdings in Shopify were worth $404,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Capital World Investors boosted its position in Shopify by 26.2% during the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after purchasing an additional 10,340,040 shares during the period. Vanguard Group Inc. boosted its position in shares of Shopify by 1.7% in the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after buying an additional 713,064 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of 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 valued at $2,642,265,000 after buying an additional 5,982,434 shares in the last quarter. GQG Partners LLC raised its holdings in shares of Shopify by 197.9% during the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after buying an additional 13,885,473 shares during the period. Finally, Capital International Investors lifted its position in Shopify by 3.4% during the 1st quarter. Capital International Investors now owns 16,392,141 shares of the software maker’s stock worth $1,264,982,000 after acquiring an additional 542,503 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Price Performance

Shares of Shopify stock traded up $0.88 on Wednesday, hitting $83.46. The company had a trading volume of 1,122,336 shares, compared to its average volume of 9,450,678. 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. The company has a market cap of $107.55 billion, a PE ratio of -487.06, a PEG ratio of 2.65 and a beta of 2.36. The business has a 50-day simple moving average of $72.68 and a 200-day simple moving average of $68.54.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.06. The company had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The firm’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) EPS. Research analysts expect 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 recent research reports. Barclays increased their price objective on shares of Shopify from $65.00 to $70.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 1st. JPMorgan Chase & Co. lifted their price target on shares of Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. UBS Group upped their price objective on shares of Shopify from $71.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Wedbush restated a “neutral” rating and set a $72.00 target price (up from $68.00) on shares of Shopify in a research note on Wednesday, August 7th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $80.00 price target on shares of Shopify in a research note on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned 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 data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and an average target price of $78.97.

About Shopify

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.