Newbridge Financial Services Group Inc. Has $729,000 Stock Position in Shopify Inc. (NYSE:SHOP)

Newbridge Financial Services Group Inc. grew its stake in shares of Shopify Inc. (NYSE:SHOPGet Rating) (TSE:SHOP) by 1,226.3% in the 2nd quarter, HoldingsChannel reports. The fund owned 23,330 shares of the software maker’s stock after purchasing an additional 21,571 shares during the quarter. Newbridge Financial Services Group Inc.’s holdings in Shopify were worth $729,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Western Pacific Wealth Management LP bought a new stake in Shopify in the 4th quarter valued at $26,000. Parkside Financial Bank & Trust raised its stake in Shopify by 666.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 23 shares of the software maker’s stock worth $32,000 after purchasing an additional 20 shares in the last quarter. Carolinas Wealth Consulting LLC bought a new stake in Shopify in the 4th quarter valued at about $50,000. Stonebridge Capital Advisors LLC raised its position in shares of Shopify by 113.0% in the fourth quarter. Stonebridge Capital Advisors LLC now owns 49 shares of the software maker’s stock valued at $67,000 after buying an additional 26 shares in the last quarter. Finally, GoalVest Advisory LLC bought a new stake in shares of Shopify in the first quarter valued at approximately $39,000. Institutional investors own 54.64% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on SHOP shares. Atlantic Securities raised Shopify from a “neutral” rating to an “overweight” rating and set a $46.00 price objective for the company in a report on Thursday, August 11th. Oppenheimer reiterated an “outperform” rating and set a $45.00 price target (down previously from $50.00) on shares of Shopify in a research report on Wednesday, July 27th. Piper Sandler cut Shopify from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $38.00 to $32.00 in a research note on Thursday, July 28th. Truist Financial lowered their price target on Shopify to $35.00 and set a “hold” rating for the company in a report on Tuesday, July 5th. Finally, DZ Bank cut Shopify from a “buy” rating to a “hold” rating in a report on Wednesday, August 10th. Two research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and nineteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $72.18.

Shopify Trading Down 1.1 %

Shares of Shopify stock traded down $0.31 on Friday, hitting $28.26. 907,767 shares of the company’s stock traded hands, compared to its average volume of 26,318,596. Shopify Inc. has a one year low of $28.32 and a one year high of $176.29. The company has a debt-to-equity ratio of 0.10, a current ratio of 11.17 and a quick ratio of 11.17. The company has a fifty day moving average of $34.85 and a two-hundred day moving average of $44.47. The company has a market capitalization of $35.58 billion, a price-to-earnings ratio of -18.36 and a beta of 1.82.

Shopify (NYSE:SHOPGet Rating) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, July 27th. The software maker reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.04). The firm had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.33 billion. Shopify had a negative return on equity of 1.61% and a negative net margin of 38.01%. As a group, sell-side analysts expect that Shopify Inc. will post -0.45 earnings per share for the current year.

About Shopify

(Get Rating)

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, 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.

Further Reading

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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