Sumitomo Mitsui DS Asset Management Company Ltd Boosts Stock Position in Shopify Inc. (NYSE:SHOP)

Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,079 shares of the software maker’s stock after purchasing an additional 194 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Shopify were worth $1,289,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Ballentine Partners LLC purchased a new stake in Shopify during the 1st quarter worth about $211,000. Global Assets Advisory LLC bought a new position in Shopify in the 1st quarter worth about $2,389,000. Brookstone Capital Management increased its stake in Shopify by 3.5% in the 1st quarter. Brookstone Capital Management now owns 7,646 shares of the software maker’s stock worth $590,000 after acquiring an additional 260 shares during the last quarter. Revolve Wealth Partners LLC bought a new position in shares of Shopify during the 1st quarter valued at about $1,443,000. Finally, Wealthcare Advisory Partners LLC increased its position in shares of Shopify by 5.3% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 4,340 shares of the software maker’s stock valued at $335,000 after purchasing an additional 219 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analyst Ratings Changes

SHOP has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft increased their price objective on Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Robert W. Baird increased their price objective on Shopify from $79.00 to $90.00 and gave the stock an “outperform” rating in a report on Wednesday, October 9th. DZ Bank cut Shopify from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. Royal Bank of Canada raised their target price on Shopify from $85.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Finally, Truist Financial reduced their price objective on Shopify from $65.00 to $55.00 and set a “hold” rating for the company in a research report 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 assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $79.36.

Shopify Trading Down 1.3 %

Shares of NYSE SHOP opened at $81.57 on Wednesday. The business’s 50 day moving average is $76.78 and its two-hundred day moving average is $68.92. 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 Inc. has a 1-year low of $45.50 and a 1-year high of $91.57. The stock has a market capitalization of $105.12 billion, a P/E ratio of 83.23, a PEG ratio of 2.77 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Wednesday, August 7th. The software maker reported $0.26 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 return on equity of 10.88% and a net margin of 16.40%. The company’s quarterly revenue was up 20.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.08) earnings per share. As a group, research analysts expect that Shopify Inc. will post 0.76 EPS for the current year.

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.