Commonwealth Equity Services LLC Purchases 5,428 Shares of Shopify Inc. $SHOP

Commonwealth Equity Services LLC lifted its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 1.9% during the third quarter, HoldingsChannel reports. The firm owned 297,602 shares of the software maker’s stock after buying an additional 5,428 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Shopify were worth $44,134,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in SHOP. TFB Advisors LLC increased its position in shares of Shopify by 14.7% in the 3rd quarter. TFB Advisors LLC now owns 7,558 shares of the software maker’s stock valued at $1,121,000 after buying an additional 968 shares in the last quarter. Capital Investment Services of America Inc. lifted its holdings in Shopify by 4.3% during the third quarter. Capital Investment Services of America Inc. now owns 107,756 shares of the software maker’s stock worth $15,980,000 after acquiring an additional 4,442 shares in the last quarter. Kestra Private Wealth Services LLC lifted its holdings in Shopify by 19.0% during the third quarter. Kestra Private Wealth Services LLC now owns 53,227 shares of the software maker’s stock worth $7,894,000 after acquiring an additional 8,508 shares in the last quarter. Ascent Group LLC lifted its holdings in Shopify by 4.7% during the third quarter. Ascent Group LLC now owns 6,181 shares of the software maker’s stock worth $917,000 after acquiring an additional 275 shares in the last quarter. Finally, Compass Financial Management LLC bought a new position in Shopify during the third quarter worth about $119,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Trading Up 3.6%

SHOP opened at $148.91 on Friday. The stock has a market capitalization of $191.59 billion, a P/E ratio of 90.80, a P/E/G ratio of 3.01 and a beta of 2.65. Shopify Inc. has a 12 month low of $94.00 and a 12 month high of $180.88. The firm’s fifty day simple moving average is $152.51 and its 200 day simple moving average is $130.07.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, November 3rd. The software maker reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.16. The firm had revenue of $3.74 billion during the quarter. Shopify had a return on equity of 14.03% and a net margin of 15.01%. Shopify’s revenue for the quarter was up 31.6% on a year-over-year basis. During the same quarter last year, the company posted $0.34 EPS. On average, equities research analysts predict that Shopify Inc. will post 1.47 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on SHOP shares. Deutsche Bank Aktiengesellschaft increased their price target on Shopify from $175.00 to $185.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Morgan Stanley cut Shopify from an “overweight” rating to a “buy” rating in a report on Monday, July 13th. UBS Group boosted their price objective on Shopify from $145.00 to $160.00 and gave the company a “neutral” rating in a research report on Wednesday. Phillip Securities cut Shopify from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday, August 17th. Finally, Oppenheimer reissued an “outperform” rating and set a $205.00 target price (up from $175.00) on shares of Shopify in a research note on Friday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, thirty-eight have issued a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $178.82.

More Shopify News

Here are the key news stories impacting Shopify this week:

• Positive Sentiment: Shopify reported 32% year-over-year revenue growth to about $3.7 billion, GMV growth of 30% to $119 billion, and a 22% free-cash-flow margin. Coverage also highlighted a forecast for another quarter of 30%-plus growth as the holiday shopping season approaches. Article Article
• Positive Sentiment: Several analysts remain constructive: Morgan Stanley reiterated a buy call after the pullback, Argus reaffirmed its buy rating with a $180 target, and Wedbush and RBC issued Outperform ratings. UBS raised its target to $160, though it kept a Neutral rating. Article Article
• Positive Sentiment: Traders bought a large volume of Shopify call options, suggesting some market participants are positioning for a rebound, though options activity is not a guarantee of future performance. Article
• Negative Sentiment: One report says Shopify’s results included a slight miss, which may be overshadowing its growth and prompting investors to reassess its premium valuation. Article
• Negative Sentiment: Rosenblatt lowered its expectations for the stock, while Cantor Fitzgerald issued a pessimistic forecast, adding to near-term analyst caution. Article Article

Shopify Profile

Shopify is a commerce technology company that provides tools for businesses to create and operate online stores. Its platform supports activities such as product management, order processing, payments, shipping, marketing and customer engagement.

Shopify also offers point-of-sale tools for merchants selling in person, connecting retail operations with online sales. Its services are used by businesses of varying sizes and are available to merchants in countries around the world.

Founded in 2006, Shopify is headquartered in Ottawa, Canada.