Petra Financial Advisors Inc. Makes New Investment in Shopify Inc. $SHOP

Petra Financial Advisors Inc. bought a new stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the 2nd quarter, HoldingsChannel reports. The institutional investor bought 3,882 shares of the software maker’s stock, valued at approximately $448,000.

Several other hedge funds also recently added to or reduced their stakes in SHOP. Family Legacy Financial Solutions LLC bought a new position in shares of Shopify during the second quarter valued at approximately $25,000. Tradewinds Capital Management LLC grew its holdings in shares of Shopify by 71.4% in the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock worth $28,000 after purchasing an additional 100 shares during the last quarter. Coastline Trust Co bought a new position in Shopify in the 2nd quarter worth about $29,000. Smithfield Trust Co grew its position in shares of Shopify by 149.2% during the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock worth $30,000 after buying an additional 188 shares in the last quarter. Finally, Dagco Inc. purchased a new position in Shopify during the 1st quarter valued at about $30,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Price Performance

Shares of NASDAQ SHOP opened at $175.06 on Tuesday. The stock’s 50-day moving average is $150.57 and its two-hundred day moving average is $124.98. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $176.88. The company has a market cap of $227.52 billion, a price-to-earnings ratio of 97.80, a price-to-earnings-growth ratio of 8.10 and a beta of 2.72.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, beating the consensus estimate of $0.29 by $0.06. The firm had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.Shopify’s revenue for the quarter was up 31.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.26 earnings per share. Equities research analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

SHOP has been the topic of a number of recent research reports. Citigroup raised their price objective on Shopify from $155.00 to $195.00 and gave the company a “buy” rating in a research report on Friday, August 8th. ATB Capital cut shares of Shopify to a “sector perform” rating in a research note on Thursday, August 7th. Atb Cap Markets downgraded shares of Shopify from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 6th. DA Davidson boosted their price objective on Shopify from $125.00 to $185.00 and gave the company a “buy” rating in a report on Thursday, August 7th. Finally, BMO Capital Markets boosted their target price on shares of Shopify from $120.00 to $180.00 and gave the company an “outperform” rating in a research note on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twenty-two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and a consensus price target of $153.30.

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.