Keudell Morrison Wealth Management Increases Stock Holdings in Shopify Inc. (NYSE:SHOP)

Keudell Morrison Wealth Management increased its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 17.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,110 shares of the software maker’s stock after buying an additional 602 shares during the quarter. Keudell Morrison Wealth Management’s holdings in Shopify were worth $329,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Massmutual Trust Co. FSB ADV boosted its position in shares of Shopify by 7.0% in the third quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker’s stock worth $159,000 after acquiring an additional 129 shares during the last quarter. Rosenberg Matthew Hamilton boosted its holdings in shares of Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after purchasing an additional 133 shares during the last quarter. CVA Family Office LLC boosted its holdings in shares of Shopify by 11.8% in the 3rd quarter. CVA Family Office LLC now owns 1,354 shares of the software maker’s stock valued at $109,000 after purchasing an additional 143 shares during the last quarter. Twin Peaks Wealth Advisors LLC grew its stake in shares of Shopify by 3.5% during the 3rd quarter. Twin Peaks Wealth Advisors LLC now owns 4,282 shares of the software maker’s stock valued at $343,000 after buying an additional 145 shares during the period. Finally, Wolff Wiese Magana LLC increased its holdings in shares of Shopify by 5.4% during the 3rd quarter. Wolff Wiese Magana LLC now owns 2,974 shares of the software maker’s stock worth $238,000 after buying an additional 152 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Performance

Shares of NYSE SHOP traded up $2.04 during mid-day trading on Thursday, hitting $83.96. The company had a trading volume of 882,358 shares, compared to its average volume of 8,966,509. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $91.57. The stock has a market cap of $108.34 billion, a price-to-earnings ratio of 83.59, a PEG ratio of 2.62 and a beta of 2.36. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. The firm’s 50 day simple moving average is $77.90 and its two-hundred day simple moving average is $69.61.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results 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 analysts’ expectations of $2.01 billion. During the same period last year, the business posted ($0.08) earnings per share. The firm’s quarterly revenue was up 20.7% compared to the same quarter last year. As a group, equities research analysts forecast that Shopify Inc. will post 0.76 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Evercore boosted their price target on Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. Loop Capital raised their price target on shares of Shopify from $80.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Piper Sandler reissued a “neutral” rating and issued a $67.00 price objective on shares of Shopify in a research report on Thursday, August 29th. Barclays lifted their target price on shares of Shopify from $65.00 to $70.00 and gave the company an “equal weight” rating in a report on Tuesday, October 1st. Finally, Wells Fargo & Company increased their price target on Shopify from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, September 11th. One 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 issued a strong buy rating to the company. According to data from MarketBeat.com, Shopify has an average rating of “Moderate Buy” and an average price target of $81.03.

Shopify Company Profile

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.