Shopify Inc. (NYSE:SHOP) Shares Bought by Financial Perspectives Inc

Financial Perspectives Inc lifted its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 20.0% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 18,222 shares of the software maker’s stock after buying an additional 3,041 shares during the quarter. Financial Perspectives Inc’s holdings in Shopify were worth $1,204,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in SHOP. Capital World Investors grew its holdings in Shopify by 26.2% during the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after buying an additional 10,340,040 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Shopify by 1.7% in the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock valued at $3,309,154,000 after acquiring an additional 713,064 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Shopify by 21.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock valued at $2,642,265,000 after acquiring an additional 5,982,434 shares during the last quarter. GQG Partners LLC increased its position in Shopify by 197.9% during the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after purchasing an additional 13,885,473 shares in the last quarter. Finally, Capital International Investors raised its stake in Shopify by 3.4% in the 1st quarter. Capital International Investors now owns 16,392,141 shares of the software maker’s stock valued at $1,264,982,000 after purchasing an additional 542,503 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Performance

NYSE:SHOP opened at $72.45 on Monday. The firm has a 50-day moving average of $67.38 and a two-hundred day moving average of $68.30. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. The stock has a market cap of $93.36 billion, a P/E ratio of -426.18, a PEG ratio of 2.39 and a beta of 2.35. Shopify Inc. has a 1-year low of $45.50 and a 1-year high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The firm had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. During the same quarter in the prior year, the business posted ($0.08) earnings per share. Shopify’s revenue for the quarter was up 20.7% on a year-over-year basis. On average, research analysts expect that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Roth Mkm raised their price target on shares of Shopify from $77.00 to $79.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Moffett Nathanson cut shares of Shopify from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $74.00 to $65.00 in a research note on Thursday, June 6th. Cantor Fitzgerald assumed coverage on Shopify in a research note on Thursday, September 5th. They set a “neutral” rating and a $70.00 price target on the stock. Piper Sandler restated a “neutral” rating and set a $67.00 price objective on shares of Shopify in a report on Thursday, August 29th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and a consensus price target of $77.37.

Shopify Company 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.