Redmont Wealth Advisors LLC Takes Position in Shopify Inc. (NYSE:SHOP)

Redmont Wealth Advisors LLC bought a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 546 shares of the software maker’s stock, valued at approximately $42,000.

Other hedge funds have also made changes to their positions in the company. Sivia Capital Partners LLC grew its holdings in Shopify by 6.9% during the 1st quarter. Sivia Capital Partners LLC now owns 6,901 shares of the software maker’s stock valued at $533,000 after purchasing an additional 448 shares in the last quarter. SeaCrest Wealth Management LLC grew its holdings in Shopify by 6.6% during the 1st quarter. SeaCrest Wealth Management LLC now owns 6,195 shares of the software maker’s stock valued at $478,000 after purchasing an additional 382 shares in the last quarter. CAP Partners LLC grew its holdings in Shopify by 4.0% during the 1st quarter. CAP Partners LLC now owns 16,538 shares of the software maker’s stock valued at $1,276,000 after purchasing an additional 636 shares in the last quarter. Miracle Mile Advisors LLC grew its holdings in Shopify by 10.1% during the 1st quarter. Miracle Mile Advisors LLC now owns 3,444 shares of the software maker’s stock valued at $266,000 after purchasing an additional 316 shares in the last quarter. Finally, SteelPeak Wealth LLC grew its holdings in Shopify by 28.4% during the 1st quarter. SteelPeak Wealth LLC now owns 53,491 shares of the software maker’s stock valued at $4,128,000 after purchasing an additional 11,824 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Shopify in a report on Thursday, May 9th. BNP Paribas raised shares of Shopify from an “underperform” rating to an “outperform” rating in a report on Thursday, May 2nd. Moffett Nathanson lowered shares of Shopify from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $74.00 to $65.00 in a report on Thursday, June 6th. Evercore raised shares of Shopify from an “in-line” rating to an “outperform” rating and set a $75.00 price objective for the company in a report on Friday, June 14th. Finally, Morgan Stanley raised shares of Shopify from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $74.00 to $85.00 in a report on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and twenty-one have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $76.42.

Shopify Stock Up 1.1 %

SHOP traded up $0.72 during trading on Wednesday, reaching $66.78. 3,930,903 shares of the stock were exchanged, compared to its average volume of 10,227,135. The stock has a market cap of $86.06 billion, a P/E ratio of -393.71, a price-to-earnings-growth ratio of 3.32 and a beta of 2.30. Shopify Inc. has a twelve month low of $45.50 and a twelve month high of $91.57. The stock’s 50 day moving average price is $63.92 and its two-hundred day moving average price is $72.83. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.14 and a current ratio of 7.14.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Wednesday, May 8th. The software maker reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.04. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. The firm had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.84 billion. Equities analysts expect that Shopify Inc. will post 0.61 EPS for the current year.

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.