LifePro Asset Management Purchases Shares of 38,316 Shopify Inc. (NYSE:SHOP)

LifePro Asset Management acquired a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 38,316 shares of the software maker’s stock, valued at approximately $3,071,000. Shopify makes up approximately 1.9% of LifePro Asset Management’s portfolio, making the stock its 13th biggest holding.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SHOP. Oliver Lagore Vanvalin Investment Group increased its holdings in Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after purchasing an additional 200 shares in the last quarter. Cultivar Capital Inc. acquired a new stake in shares of Shopify in the second quarter valued at $33,000. Hazlett Burt & Watson Inc. bought a new position in shares of Shopify in the second quarter valued at about $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Shopify during the 2nd quarter worth about $39,000. Finally, Private Wealth Management Group LLC increased its position in Shopify by 53.3% in the 1st quarter. Private Wealth Management Group LLC now owns 518 shares of the software maker’s stock valued at $40,000 after acquiring an additional 180 shares in the last quarter. 69.27% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Evercore upped their target price on shares of Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. Royal Bank of Canada reiterated an “outperform” rating and issued a $85.00 price objective on shares of Shopify in a research report on Thursday, August 8th. JPMorgan Chase & Co. boosted their target price on Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Redburn Atlantic raised Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price target on the stock in a research note on Tuesday, September 17th. Finally, UBS Group lifted their price objective on Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $78.97.

Shopify Stock Performance

Shares of SHOP opened at $82.71 on Friday. The stock has a market capitalization of $106.59 billion, a price-to-earnings ratio of 84.40, a PEG ratio of 2.79 and a beta of 2.36. Shopify Inc. has a 12 month low of $45.50 and a 12 month high of $91.57. The firm has a fifty day simple moving average of $73.12 and a 200 day simple moving average of $68.65. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The company had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The company’s quarterly revenue was up 20.7% on a year-over-year basis. During the same period in the prior year, the business posted ($0.08) EPS. Research analysts forecast that Shopify Inc. will post 0.76 EPS 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.