Shopify Inc. (NYSE:SHOP) Shares Acquired by Washington Trust Advisors Inc.

Washington Trust Advisors Inc. increased its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 73.4% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,543 shares of the software maker’s stock after purchasing an additional 653 shares during the quarter. Washington Trust Advisors Inc.’s holdings in Shopify were worth $124,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Oliver Lagore Vanvalin Investment Group grew its holdings in Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after purchasing an additional 200 shares during the last quarter. Cultivar Capital Inc. acquired a new stake in Shopify in the 2nd quarter valued at about $33,000. Hazlett Burt & Watson Inc. acquired a new stake in Shopify in the 2nd quarter valued at about $33,000. Rosenberg Matthew Hamilton lifted its position in shares of Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after acquiring an additional 133 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Shopify during the second quarter worth about $39,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Price Performance

SHOP opened at $87.12 on Friday. 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 company’s 50-day moving average price is $78.41 and its 200 day moving average price is $69.83. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $91.57. The firm has a market cap of $112.42 billion, a price-to-earnings ratio of 88.90, a price-to-earnings-growth ratio of 2.74 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly 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 return on equity of 10.88% and a net margin of 16.40%. The business had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.01 billion. During the same period in the prior year, the firm earned ($0.08) EPS. The business’s quarterly revenue was up 20.7% on a year-over-year basis. As a group, sell-side analysts expect that Shopify Inc. will post 0.76 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SHOP. Robert W. Baird increased their price target on Shopify from $79.00 to $90.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. Roth Mkm lifted their price target on Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a report on Thursday, August 8th. JPMorgan Chase & Co. increased their price objective on shares of Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Wedbush reissued a “neutral” rating and issued a $72.00 target price (up from $68.00) on shares of Shopify in a research report on Wednesday, August 7th. Finally, Evercore ISI lifted their price target on shares of Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Shopify has an average rating of “Moderate Buy” and a consensus target price of $81.03.

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.