Benjamin F. Edwards & Company Inc. Increases Stake in Shopify Inc. (NYSE:SHOP)

Benjamin F. Edwards & Company Inc. raised its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 129.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 49,440 shares of the software maker’s stock after purchasing an additional 27,878 shares during the quarter. Benjamin F. Edwards & Company Inc.’s holdings in Shopify were worth $3,265,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. GM Advisory Group LLC lifted its stake in shares of Shopify by 13.0% during the 2nd quarter. GM Advisory Group LLC now owns 12,607 shares of the software maker’s stock valued at $833,000 after buying an additional 1,450 shares in the last quarter. Ieq Capital LLC raised its holdings in Shopify by 59.3% during the 2nd quarter. Ieq Capital LLC now owns 37,850 shares of the software maker’s stock valued at $2,500,000 after acquiring an additional 14,095 shares during the period. Bright Financial Advisors Inc. lifted its position in shares of Shopify by 11.5% during the second quarter. Bright Financial Advisors Inc. now owns 3,936 shares of the software maker’s stock worth $260,000 after acquiring an additional 406 shares in the last quarter. Garner Asset Management Corp boosted its holdings in shares of Shopify by 6.4% in the second quarter. Garner Asset Management Corp now owns 5,952 shares of the software maker’s stock worth $393,000 after acquiring an additional 360 shares during the period. Finally, Paces Ferry Wealth Advisors LLC grew its position in shares of Shopify by 17.8% in the second quarter. Paces Ferry Wealth Advisors LLC now owns 3,458 shares of the software maker’s stock valued at $228,000 after purchasing an additional 523 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Trading Up 0.1 %

Shares of SHOP stock opened at $78.72 on Friday. The stock has a market capitalization of $101.45 billion, a PE ratio of -463.06, a P/E/G ratio of 2.47 and a beta of 2.35. Shopify Inc. has a 1-year low of $45.50 and a 1-year high of $91.57. The business has a 50-day moving average of $68.41 and a 200 day moving average of $68.38. 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 released its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, topping 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 business had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.01 billion. During the same quarter last year, the business posted ($0.08) EPS. The business’s revenue was up 20.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Shopify Inc. will post 0.76 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Cantor Fitzgerald assumed coverage on Shopify in a report on Thursday, September 5th. They set a “neutral” rating and a $70.00 price objective on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $85.00 price objective on shares of Shopify in a research report on Thursday, August 8th. Piper Sandler reaffirmed a “neutral” rating and set a $67.00 target price on shares of Shopify in a report on Thursday, August 29th. Redburn Atlantic raised shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price target for the company in a report on Tuesday, September 17th. Finally, Wells Fargo & Company upped their price target on shares of Shopify from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, September 11th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $77.92.

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.