Shopify Inc. $SHOP Stock Bought by Ritholtz Wealth Management

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

Several other large investors also recently modified their holdings of SHOP. Fortitude Family Office LLC purchased a new stake in shares of Shopify during the third quarter worth about $29,000. MADDEN SECURITIES Corp acquired a new position in shares of Shopify in the third quarter worth about $30,000. Laurel Wealth Advisors LLC purchased a new position in Shopify in the third quarter valued at about $32,000. Graney & King LLC purchased a new position in Shopify in the first quarter valued at about $27,000. Finally, Trellis Wealth Advisors LLC purchased a new position in Shopify in the third quarter valued at about $37,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Performance

Shares of Shopify stock opened at $146.78 on Friday. The firm has a market cap 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. The firm’s 50-day simple moving average is $152.77 and its 200-day simple moving average is $130.29. Shopify Inc. has a 1 year low of $94.00 and a 1 year high of $180.88.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, November 3rd. The software maker reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.16. The business had revenue of $3.74 billion during the quarter. Shopify had a return on equity of 14.03% and a net margin of 15.01%. The firm’s revenue for the quarter was up 31.6% on a year-over-year basis. During the same quarter last year, the business posted $0.34 earnings per share. On average, equities analysts predict that Shopify Inc. will post 1.48 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SHOP has been the subject of a number of recent analyst reports. Cantor Fitzgerald lowered their price objective on Shopify from $158.00 to $150.00 and set a “neutral” rating for the company in a research note on Wednesday, November 4th. Stifel Nicolaus set a $210.00 target price on Shopify and gave the company a “buy” rating in a research report on Wednesday, October 14th. ATB Cormark Capital Markets cut Shopify from a “moderate buy” rating to a “hold” rating in a research note on Thursday, October 22nd. Weiss Ratings cut Shopify from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, October 30th. Finally, UBS Group raised their price target on shares of Shopify from $145.00 to $160.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 4th. One investment analyst has rated the stock with a Strong Buy rating, thirty-eight have issued a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $178.82.

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.