Shopify Inc. $SHOP Stock: Ritholtz Wealth Management Grows Position

Ritholtz Wealth Management grew its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 19.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,176 shares of the software maker’s stock after purchasing an additional 5,462 shares during the period. Ritholtz Wealth Management’s holdings in Shopify were worth $4,920,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. UNIVEST FINANCIAL Corp raised its holdings in Shopify by 46.5% in the third quarter. UNIVEST FINANCIAL Corp now owns 3,150 shares of the software maker’s stock valued at $467,000 after buying an additional 1,000 shares during the period. Turn8 Private Wealth Inc. purchased a new stake in Shopify during the third quarter worth approximately $232,000. Northbridge Financial Group LLC grew its stake in Shopify by 1.1% during the third quarter. Northbridge Financial Group LLC now owns 10,650 shares of the software maker’s stock worth $1,751,000 after buying an additional 112 shares during the period. Philadelphia Trust Co. purchased a new stake in Shopify during the third quarter worth approximately $307,000. Finally, Confluence Wealth Services Inc. increased its position in shares of Shopify by 0.9% in the third quarter. Confluence Wealth Services Inc. now owns 7,817 shares of the software maker’s stock worth $1,159,000 after acquiring an additional 71 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SHOP. Sanford C. Bernstein reissued an “outperform” rating and issued a $165.00 target price (up from $160.00) on shares of Shopify in a research note on Wednesday, November 4th. KeyCorp lifted their target price on shares of Shopify from $180.00 to $185.00 and gave the company an “overweight” rating in a report on Monday, November 2nd. Phillip Securities cut shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, August 17th. Seaport Research Partners reiterated a “buy” rating and issued a $180.00 price target on shares of Shopify in a report on Thursday, October 8th. Finally, Piper Sandler reiterated an “overweight” rating on shares of Shopify in a report on Monday, October 5th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-eight have given a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $178.82.

Shopify Stock Performance

Shopify stock opened at $146.78 on Friday. The stock’s 50 day moving average price is $152.77 and its 200 day moving average price is $130.29. The firm has a market capitalization of $188.85 billion, a PE ratio of 107.38, a price-to-earnings-growth ratio of 3.55 and a beta of 2.65. Shopify Inc. has a one year low of $94.00 and a one year high of $180.88.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Tuesday, November 3rd. The software maker reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.16. The company had revenue of $3.74 billion during the quarter. Shopify had a net margin of 15.01% and a return on equity of 14.03%. The firm’s revenue was up 31.6% compared to the same quarter last year. During the same period last year, the business earned $0.34 EPS. On average, analysts forecast that Shopify Inc. will post 1.48 earnings per share for the current fiscal year.

Shopify Profile

Shopify is a commerce technology company that provides tools for businesses to create and operate online stores. Its platform supports activities such as product management, order processing, payments, shipping, marketing and customer engagement. Shopify also offers point-of-sale tools for merchants selling in person, connecting retail operations with online sales. Its services are used by businesses of varying sizes and are available to merchants in countries around the world. Founded in 2006, Shopify is headquartered in Ottawa, Canada.