New World Advisors LLC Acquires 1,587 Shares of Shopify Inc. (NYSE:SHOP)

by · The Markets Daily

New World Advisors LLC boosted its holdings in Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) by 37.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,825 shares of the software maker’s stock after purchasing an additional 1,587 shares during the quarter. New World Advisors LLC’s holdings in Shopify were worth $467,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Norden Group LLC bought a new stake in Shopify in the first quarter worth $3,618,000. Silvercrest Asset Management Group LLC lifted its holdings in shares of Shopify by 735.0% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock valued at $4,084,000 after acquiring an additional 46,589 shares during the last quarter. DekaBank Deutsche Girozentrale grew its position in Shopify by 5.8% in the first quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock worth $40,838,000 after acquiring an additional 28,639 shares in the last quarter. Clearbridge Investments LLC increased its stake in Shopify by 54.2% during the second quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock worth $311,404,000 after acquiring an additional 1,657,251 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in Shopify by 1.7% during 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 purchasing an additional 713,064 shares during the period. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of Shopify stock traded down $0.77 during trading on Friday, hitting $79.05. 3,834,492 shares of the company’s stock were exchanged, compared to its average volume of 9,176,214. Shopify Inc. has a 52-week low of $45.50 and a 52-week high of $91.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. The stock has a market capitalization of $101.87 billion, a price-to-earnings ratio of -465.00, a PEG ratio of 2.73 and a beta of 2.36. The business has a 50-day simple moving average of $77.13 and a 200-day simple moving average of $69.06.

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

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on SHOP shares. Argus raised Shopify to a “strong-buy” rating in a research report on Thursday, August 8th. Bank of America upgraded shares of Shopify from a “neutral” rating to a “buy” rating and raised their target price for the stock from $78.00 to $82.00 in a report on Tuesday, July 16th. Truist Financial cut their price target on shares of Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a report on Tuesday, August 6th. Cantor Fitzgerald reissued a “neutral” rating and issued a $70.00 price objective on shares of Shopify in a research note on Monday, October 7th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $67.00 target price on shares of Shopify in a research note on Thursday, August 29th. One 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 issued a strong buy rating to the company. According to data from MarketBeat, Shopify currently has an average rating of “Moderate Buy” and an average price target of $80.21.

Get Our Latest Stock Report on SHOP

About Shopify

(Free Report)

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.

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