Shopify Inc. $SHOP Shares Bought by Provenance Wealth Advisors LLC

Provenance Wealth Advisors LLC grew its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 391.9% in the 3rd quarter, Holdings Channel.com reports. The fund owned 5,308 shares of the software maker’s stock after purchasing an additional 4,229 shares during the quarter. Provenance Wealth Advisors LLC’s holdings in Shopify were worth $787,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Graney & King LLC acquired a new stake in shares of Shopify in the 1st quarter valued at about $27,000. Fortitude Family Office LLC bought a new position in shares of Shopify during the third quarter worth about $29,000. MADDEN SECURITIES Corp acquired a new position in Shopify in the third quarter worth about $30,000. Laurel Wealth Advisors LLC acquired a new position in Shopify in the third quarter worth about $32,000. Finally, Trellis Wealth Advisors LLC acquired a new position in Shopify in the third quarter worth about $37,000. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. KeyCorp boosted their price objective on Shopify from $180.00 to $185.00 and gave the company an “overweight” rating in a report on Monday. Morgan Stanley downgraded Shopify from an “overweight” rating to a “buy” rating in a report on Monday, July 13th. National Bank Financial lifted their target price on Shopify from $180.00 to $185.00 and gave the stock an “outperform” rating in a research report on Wednesday. BTIG Research assumed coverage on Shopify in a report on Friday, July 10th. They issued a “buy” rating for the company. Finally, Benchmark boosted their price target on Shopify from $145.00 to $170.00 and gave the company a “buy” rating in a report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, thirty-seven have assigned a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $178.79.

Key Stories Impacting Shopify

Here are the key news stories impacting Shopify this week:

• Positive Sentiment: Shopify reported Q3 revenue of $3.74 billion, up 31.6% year over year, and earnings per share of $0.49, above consensus. Free cash flow rose 61% to $816 million, while operating income increased 66%. Read More.
• Positive Sentiment: Analyst actions were broadly supportive: National Bank Financial raised its target to $185 and reaffirmed “outperform,” while RBC maintained “outperform” with a $200 target. UBS raised its target to $160 but kept a neutral rating. Read More. · Read More. · Read More.
• Positive Sentiment: ARK Invest reportedly bought $12.5 million of Shopify shares during the post-earnings weakness, providing a vote of confidence from a prominent growth investor. Read More.
• Neutral Sentiment: Shopify highlighted growing AI-driven shopping activity, expanding payments penetration and rising Shop Pay usage. These initiatives could support future growth, though their financial contribution remains to be proven. Read More.
• Negative Sentiment: The quarter fell short of expectations on gross merchandise volume (about $119.1 billion) and subscription revenue; some reports also cited a modest revenue miss. The shortfalls triggered the recent sell-off and keep expectations for holiday-quarter execution high. Read More.
• Negative Sentiment: Valuation remains a risk: Shopify trades at a rich earnings multiple, leaving the stock vulnerable if growth or margins disappoint. Cantor Fitzgerald cut its target to $150 and retained a neutral rating. Read More.

Shopify Trading Up 7.3%

NASDAQ SHOP opened at $153.03 on Thursday. Shopify Inc. has a one year low of $94.00 and a one year high of $180.88. The company has a 50-day simple moving average of $152.75 and a 200-day simple moving average of $130.11. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.35 and a current ratio of 5.35. The firm has a market capitalization of $196.90 billion, a PE ratio of 93.31, a price-to-earnings-growth ratio of 2.94 and a beta of 2.65.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, November 3rd. The software maker reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.16. The business had revenue of $3.74 billion during the quarter. Shopify had a net margin of 15.01% and a return on equity of 13.99%. Shopify’s quarterly revenue was up 31.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.34 EPS. On average, equities analysts forecast that Shopify Inc. will post 1.46 earnings per share for the current year.

Shopify Company Profile

Shopify Inc is a commerce technology company that provides tools for businesses of various sizes to start, operate and grow online and in physical retail environments. Its platform supports online storefronts, product and inventory management, order processing, marketing, analytics and customer engagement.

The company offers subscription-based plans and merchant solutions, including Shopify Payments, Shopify POS, Shopify Capital and tools for shipping, checkout and fulfillment. Shopify also supports sales through multiple channels, such as merchants’ own websites, mobile devices, social media and third-party marketplaces.

Shopify was founded in 2006 by Tobias Lütke, Daniel Weinand and Scott Lake after the founders developed an online store for snowboarding equipment.