Shopify Inc. (NYSE:SHOP) Shares Bought by Portside Wealth Group LLC

Portside Wealth Group LLC boosted its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 35.0% during the 3rd quarter, Holdings Channel.com reports. The firm owned 77,342 shares of the software maker’s stock after purchasing an additional 20,062 shares during the quarter. Shopify comprises approximately 1.1% of Portside Wealth Group LLC’s holdings, making the stock its 19th biggest position. Portside Wealth Group LLC’s holdings in Shopify were worth $6,198,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. GQG Partners LLC grew its position in shares of Shopify by 197.9% during the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after acquiring an additional 13,885,473 shares during the period. Capital World Investors grew its position in shares of Shopify by 26.2% during the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after acquiring an additional 10,340,040 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Shopify by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock valued at $2,642,265,000 after acquiring an additional 5,982,434 shares during the period. Mackenzie Financial Corp grew its position in shares of Shopify by 49.9% during the 2nd quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock valued at $417,386,000 after acquiring an additional 2,102,939 shares during the period. Finally, Toronto Dominion Bank grew its position in shares of Shopify by 214.5% during the 1st quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock valued at $224,492,000 after acquiring an additional 1,983,996 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Performance

Shares of SHOP stock opened at $85.62 on Friday. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $91.57. The company has a market cap of $110.48 billion, a P/E ratio of 87.36, a PEG ratio of 2.62 and a beta of 2.36. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The firm has a fifty day moving average price of $77.90 and a 200 day moving average price of $69.61.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The firm had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.01 billion. During the same period in the previous year, the company earned ($0.08) earnings per share. Shopify’s quarterly revenue was up 20.7% compared to the same quarter last year. Sell-side analysts predict that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on SHOP shares. Wedbush restated a “neutral” rating and set a $72.00 target price (up from $68.00) on shares of Shopify in a research report on Wednesday, August 7th. Wells Fargo & Company raised their price target on shares of Shopify from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, September 11th. JPMorgan Chase & Co. raised their price target on shares of Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. Evercore raised their price target on shares of Shopify from $75.00 to $80.00 in a research note on Thursday, August 8th. Finally, Bank of America raised shares of Shopify from a “neutral” rating to a “buy” rating and raised their price target for the company from $78.00 to $82.00 in a research note on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Shopify has an average rating of “Moderate Buy” and an average target price 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.