Creative Planning Raises Position in Shopify Inc. (NYSE:SHOP)

Creative Planning lifted its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 4.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 392,415 shares of the software maker’s stock after buying an additional 16,375 shares during the quarter. Creative Planning’s holdings in Shopify were worth $31,448,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Wesbanco Bank Inc. increased its stake in Shopify by 0.4% during the 3rd quarter. Wesbanco Bank Inc. now owns 98,106 shares of the software maker’s stock worth $7,862,000 after buying an additional 381 shares during the period. Sivia Capital Partners LLC grew its stake in shares of Shopify by 19.6% during the third quarter. Sivia Capital Partners LLC now owns 7,846 shares of the software maker’s stock valued at $629,000 after acquiring an additional 1,286 shares in the last quarter. Grove Bank & Trust increased its position in shares of Shopify by 47.9% during the third quarter. Grove Bank & Trust now owns 30,435 shares of the software maker’s stock worth $2,439,000 after acquiring an additional 9,850 shares during the last quarter. Fiduciary Alliance LLC lifted its stake in shares of Shopify by 14.2% in the third quarter. Fiduciary Alliance LLC now owns 12,250 shares of the software maker’s stock worth $982,000 after acquiring an additional 1,519 shares in the last quarter. Finally, Empirical Asset Management LLC lifted its stake in shares of Shopify by 15.8% in the third quarter. Empirical Asset Management LLC now owns 3,875 shares of the software maker’s stock worth $311,000 after acquiring an additional 530 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SHOP has been the topic of several analyst reports. Loop Capital lifted their price objective on Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Robert W. Baird lifted their price target on shares of Shopify from $79.00 to $90.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. upped their price target on shares of Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. Bank of America raised shares of Shopify from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $78.00 to $82.00 in a report on Tuesday, July 16th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $79.36.

Shopify Price Performance

NYSE SHOP opened at $82.68 on Monday. Shopify Inc. has a 12 month low of $45.50 and a 12 month high of $91.57. The firm has a market capitalization of $106.55 billion, a PE ratio of -486.35, a P/E/G ratio of 2.80 and a beta of 2.36. The company’s 50 day simple moving average is $76.26 and its 200 day simple moving average is $68.82. 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 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. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The company had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.01 billion. During the same period last year, the firm earned ($0.08) EPS. The firm’s revenue for the quarter was up 20.7% on a year-over-year basis. As a group, equities research analysts forecast that Shopify Inc. will post 0.76 EPS for the current fiscal year.

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.