Private Wealth Partners LLC Acquires New Shares in Shopify Inc. (NYSE:SHOP)

Private Wealth Partners LLC acquired a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 17,740 shares of the software maker’s stock, valued at approximately $1,172,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SHOP. Private Wealth Management Group LLC acquired a new stake in shares of Shopify during the fourth quarter worth about $26,000. DSM Capital Partners LLC bought a new position in Shopify in the fourth quarter valued at approximately $28,000. Jones Financial Companies Lllp acquired a new position in shares of Shopify in the fourth quarter valued at approximately $28,000. OLD Point Trust & Financial Services N A acquired a new stake in shares of Shopify during the fourth quarter worth $39,000. Finally, Cultivar Capital Inc. bought a new stake in Shopify in the 2nd quarter valued at $33,000. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on SHOP shares. Morgan Stanley increased their target price on Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft lifted their target price on Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Argus raised shares of Shopify to a “strong-buy” rating in a research note on Thursday, August 8th. DZ Bank lowered shares of Shopify from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. Finally, Evercore ISI raised 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 analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $77.37.

Shopify Price Performance

Shares of NYSE SHOP opened at $71.51 on Thursday. The business has a fifty day moving average price of $67.19 and a two-hundred day moving average price of $68.43. The stock has a market capitalization of $92.15 billion, a PE ratio of -420.65, a P/E/G ratio of 2.25 and a beta of 2.35. 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 fifty-two week low of $45.50 and a fifty-two week high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted 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 net margin of 16.40% and a return on equity of 10.88%. The business had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.01 billion. During the same quarter in the prior year, the business posted ($0.08) earnings per share. Shopify’s revenue was up 20.7% compared to the same quarter last year. As a group, equities analysts predict that Shopify Inc. will post 0.76 earnings per share for the current fiscal 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.