Rydar Equities Inc. Takes Position in Shopify Inc. $SHOP

Rydar Equities Inc. bought a new stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 4,475 shares of the software maker’s stock, valued at approximately $516,000.

Other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC grew its holdings in shares of Shopify by 2.8% during the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock worth $2,252,000 after purchasing an additional 584 shares in the last quarter. Kovitz Investment Group Partners LLC boosted its stake in Shopify by 50.5% during the first quarter. Kovitz Investment Group Partners LLC now owns 5,254 shares of the software maker’s stock worth $502,000 after buying an additional 1,764 shares in the last quarter. Nations Financial Group Inc. IA ADV increased its holdings in Shopify by 5.7% in the 1st quarter. Nations Financial Group Inc. IA ADV now owns 5,239 shares of the software maker’s stock valued at $500,000 after buying an additional 284 shares during the period. Steward Partners Investment Advisory LLC increased its holdings in Shopify by 3.0% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 38,446 shares of the software maker’s stock valued at $3,715,000 after buying an additional 1,104 shares during the period. Finally, Northwest & Ethical Investments L.P. raised its stake in shares of Shopify by 28.1% in the 1st quarter. Northwest & Ethical Investments L.P. now owns 210,029 shares of the software maker’s stock valued at $19,999,000 after buying an additional 46,074 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Performance

Shares of NASDAQ:SHOP opened at $164.19 on Monday. The business has a fifty day moving average of $159.60 and a 200-day moving average of $140.02. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $182.19. The firm has a market cap of $213.75 billion, a PE ratio of 121.62, a price-to-earnings-growth ratio of 6.10 and a beta of 2.82.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The firm had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.75 billion. Shopify had a net margin of 16.65% and a return on equity of 11.72%. On average, analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on SHOP shares. Raymond James Financial reiterated a “market perform” rating on shares of Shopify in a research report on Monday, December 1st. Benchmark reaffirmed a “buy” rating on shares of Shopify in a report on Wednesday, December 3rd. TD Securities raised Shopify to a “hold” rating in a report on Thursday, December 4th. Wedbush restated an “outperform” rating and set a $185.00 target price (up previously from $160.00) on shares of Shopify in a research report on Tuesday, November 4th. Finally, Truist Financial set a $155.00 price target on Shopify and gave the company a “hold” rating in a research report on Tuesday, November 4th. Twenty-two investment analysts have rated the stock with a Buy rating and twenty-three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $166.53.

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.