Perpetual Ltd Purchases 6,258 Shares of Shopify Inc. (NYSE:SHOP)

Perpetual Ltd lifted its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 193,513 shares of the software maker’s stock after buying an additional 6,258 shares during the period. Perpetual Ltd’s holdings in Shopify were worth $15,508,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Oliver Lagore Vanvalin Investment Group boosted its position in Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after buying an additional 200 shares during the last quarter. Cultivar Capital Inc. bought a new position in shares of Shopify in the 2nd quarter valued at about $33,000. Hazlett Burt & Watson Inc. bought a new position in Shopify during the second quarter worth about $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in Shopify during the second quarter worth about $39,000. Finally, Private Wealth Management Group LLC grew its holdings in Shopify by 53.3% during the first quarter. Private Wealth Management Group LLC now owns 518 shares of the software maker’s stock worth $40,000 after purchasing an additional 180 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently weighed in on SHOP. Wells Fargo & Company lifted their price target on shares of Shopify from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, September 11th. Benchmark restated a “hold” rating on shares of Shopify in a research report on Tuesday, August 6th. Loop Capital upped their price target on shares of Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday. Cantor Fitzgerald reissued a “neutral” rating and issued a $70.00 price objective on shares of Shopify in a research note on Monday. Finally, KeyCorp started coverage on shares of Shopify in a research note on Thursday, July 25th. They issued an “overweight” rating and a $80.00 price objective on the stock. One research 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $78.97.

Shopify Price Performance

Shares of NYSE SHOP opened at $83.43 on Thursday. Shopify Inc. has a fifty-two week low of $45.50 and a fifty-two 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 has a market cap of $107.51 billion, a PE ratio of -490.74, a price-to-earnings-growth ratio of 2.76 and a beta of 2.36. The business has a 50 day moving average price of $73.12 and a two-hundred day moving average price of $68.65.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The business 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 business’s quarterly revenue was up 20.7% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.08) EPS. Sell-side analysts expect that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

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.