WP Advisors LLC Takes $1.04 Million Position in Shopify Inc. $SHOP

WP Advisors LLC acquired a new position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 6,988 shares of the software maker’s stock, valued at approximately $1,038,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Shopify by 171.3% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker’s stock valued at $48,827,000 after purchasing an additional 267,271 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Shopify by 4.4% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,231,257 shares of the software maker’s stock worth $603,425,000 after buying an additional 218,829 shares in the last quarter. TriaGen Wealth Management LLC purchased a new position in shares of Shopify in the 3rd quarter worth approximately $2,562,000. Oppenheimer Asset Management Inc. boosted its stake in shares of Shopify by 9.6% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 400,389 shares of the software maker’s stock worth $46,185,000 after buying an additional 35,113 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Shopify by 2.6% during the second quarter. Charles Schwab Investment Management Inc. now owns 2,622,495 shares of the software maker’s stock valued at $301,869,000 after acquiring an additional 67,260 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Trading Up 1.3%

Shares of SHOP stock opened at $168.45 on Wednesday. The firm’s 50 day moving average is $160.56 and its 200 day moving average is $147.00. The stock has a market capitalization of $219.29 billion, a P/E ratio of 124.78, a PEG ratio of 4.94 and a beta of 2.83. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $182.19.

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

Wall Street Analysts Forecast Growth

SHOP has been the topic of several research analyst reports. Wells Fargo & Company reissued an “overweight” rating and issued a $198.00 price objective (up previously from $125.00) on shares of Shopify in a research report on Wednesday, December 17th. Wedbush reissued an “outperform” rating and issued a $185.00 price target (up from $160.00) on shares of Shopify in a report on Tuesday, November 4th. Citigroup restated a “market outperform” rating on shares of Shopify in a report on Thursday, December 4th. TD Securities raised shares of Shopify to a “hold” rating in a report on Thursday, December 4th. Finally, KeyCorp increased their price objective on Shopify from $175.00 to $200.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. Twenty-three research analysts have rated the stock with a Buy rating and twenty-three have given a Hold rating to the company. Based on data from MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and a consensus price target of $169.14.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.