Pittenger & Anderson Inc. Has $3.06 Million Stake in Shopify Inc. (NYSE:SHOP)

Pittenger & Anderson Inc. lifted its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1,657.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 38,215 shares of the software maker’s stock after buying an additional 36,040 shares during the quarter. Pittenger & Anderson Inc.’s holdings in Shopify were worth $3,063,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of SHOP. Oliver Lagore Vanvalin Investment Group grew its holdings in Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after acquiring an additional 200 shares during the period. Cultivar Capital Inc. acquired a new stake in Shopify during the second quarter worth approximately $33,000. Hazlett Burt & Watson Inc. bought a new stake in Shopify in the second quarter worth approximately $33,000. Rosenberg Matthew Hamilton lifted its stake in 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 buying an additional 133 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Shopify in the 2nd quarter valued at $39,000. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Up 0.2 %

Shopify stock opened at $78.61 on Tuesday. The firm has a market capitalization of $101.44 billion, a price-to-earnings ratio of 80.04, a P/E/G ratio of 2.64 and a beta of 2.36. The firm has a 50 day simple moving average of $77.61 and a 200 day simple moving average of $69.45. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $91.57. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating 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 company had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. During the same period in the previous year, the company posted ($0.08) EPS. The firm’s revenue for the quarter was up 20.7% compared to the same quarter last year. On average, analysts predict that Shopify Inc. will post 0.76 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on SHOP shares. Wolfe Research assumed coverage on shares of Shopify in a report on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 price target for the company. Piper Sandler restated a “neutral” rating and issued a $67.00 target price on shares of Shopify in a research note on Thursday, August 29th. Truist Financial dropped their price target on Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a research note on Tuesday, August 6th. Scotiabank raised their price objective on Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research note on Thursday, October 24th. Finally, Robert W. Baird boosted their price objective on Shopify from $79.00 to $90.00 and gave the company an “outperform” rating in a report on Wednesday, October 9th. One investment 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 assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target 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.