Alpha Cubed Investments LLC Grows Position in Shopify Inc. (NYSE:SHOP)

Alpha Cubed Investments LLC raised its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 30.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,627 shares of the software maker’s stock after buying an additional 2,028 shares during the quarter. Alpha Cubed Investments LLC’s holdings in Shopify were worth $691,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of SHOP. Cresset Asset Management LLC grew its holdings in shares of Shopify by 1.4% during the fourth quarter. Cresset Asset Management LLC now owns 104,481 shares of the software maker’s stock worth $8,139,000 after buying an additional 1,460 shares in the last quarter. MGO One Seven LLC grew its holdings in shares of Shopify by 55.4% in the fourth quarter. MGO One Seven LLC now owns 22,623 shares of the software maker’s stock valued at $1,762,000 after purchasing an additional 8,067 shares during the period. Icon Wealth Advisors LLC purchased a new stake in shares of Shopify in the fourth quarter valued at about $644,000. Left Brain Wealth Management LLC grew its holdings in shares of Shopify by 9.3% in the fourth quarter. Left Brain Wealth Management LLC now owns 19,534 shares of the software maker’s stock valued at $1,522,000 after purchasing an additional 1,661 shares during the period. Finally, Barometer Capital Management Inc. purchased a new stake in shares of Shopify in the fourth quarter valued at about $4,013,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of Shopify stock opened at $82.58 on Wednesday. The firm has a market capitalization of $106.42 billion, a P/E ratio of -485.76, a P/E/G ratio of 2.65 and a beta of 2.36. Shopify Inc. has a 52 week low of $45.50 and a 52 week high of $91.57. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The firm’s 50 day moving average is $72.21 and its two-hundred day moving average is $68.52.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 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 analyst estimates of $2.01 billion. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The firm’s revenue was up 20.7% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.08) earnings per share. Research analysts forecast that Shopify Inc. will post 0.76 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on SHOP shares. Wells Fargo & Company upped their price objective on shares of Shopify from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, September 11th. Cantor Fitzgerald reissued a “neutral” rating and issued a $70.00 price objective on shares of Shopify in a report on Monday. Truist Financial dropped their price objective on shares of Shopify from $65.00 to $55.00 and set a “hold” rating for the company in a report on Tuesday, August 6th. Morgan Stanley upped their target price on shares of Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Finally, Evercore ISI upped their target price on shares of Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. One investment 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $78.38.

Shopify Company 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.