SouthState Corp Buys New Position in Shopify Inc. (NYSE:SHOP)

SouthState Corp purchased a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 2,400 shares of the software maker’s stock, valued at approximately $159,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Private Wealth Management Group LLC acquired a new position in Shopify in the fourth quarter valued at approximately $26,000. DSM Capital Partners LLC acquired a new position in shares of Shopify during the fourth quarter valued at about $28,000. Jones Financial Companies Lllp acquired a new stake in shares of Shopify in the 4th quarter valued at about $28,000. Your Advocates Ltd. LLP increased its position in Shopify by 4,344.4% in the 4th quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock valued at $31,000 after buying an additional 391 shares in the last quarter. Finally, Cultivar Capital Inc. bought a new stake in shares of Shopify during the second quarter valued at approximately $33,000. Institutional investors own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SHOP. Citigroup decreased their price target on Shopify from $97.00 to $90.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Wolfe Research began coverage on shares of Shopify in a report on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 target price for the company. JPMorgan Chase & Co. boosted their price target on shares of Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Roth Mkm upped their price objective on shares of Shopify from $77.00 to $79.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Finally, Benchmark reissued a “hold” rating on shares of Shopify in a research report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $77.11.

Shopify Trading Down 0.2 %

Shares of SHOP opened at $70.10 on Friday. Shopify Inc. has a twelve month low of $45.50 and a twelve month high of $91.57. The stock has a market cap of $90.34 billion, a PE ratio of -412.35, a P/E/G ratio of 2.48 and a beta of 2.35. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The business’s 50-day moving average price is $66.97 and its 200-day moving average price is $68.73.

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

About Shopify

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.