Blue Barn Wealth LLC Buys New Shares in Shopify Inc. (NYSE:SHOP)

Blue Barn Wealth LLC bought a new stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 6,214 shares of the software maker’s stock, valued at approximately $410,000.

A number of other institutional investors also recently modified their holdings of SHOP. Capital World Investors raised its holdings in Shopify by 26.2% during the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after buying an additional 10,340,040 shares during the last quarter. Vanguard Group Inc. raised its holdings in Shopify by 1.7% during the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after buying an additional 713,064 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Shopify by 21.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after buying an additional 5,982,434 shares during the last quarter. GQG Partners LLC grew its stake in shares of Shopify by 197.9% in the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after acquiring an additional 13,885,473 shares in the last quarter. Finally, Capital International Investors grew its stake in shares of Shopify by 3.4% in the 1st quarter. Capital International Investors now owns 16,392,141 shares of the software maker’s stock worth $1,264,982,000 after acquiring an additional 542,503 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on SHOP. JMP Securities reiterated a “market outperform” rating and issued a $80.00 target price on shares of Shopify in a research note on Thursday, August 8th. Wedbush reiterated a “neutral” rating and issued a $72.00 target price (up previously from $68.00) on shares of Shopify in a research note on Wednesday, August 7th. Barclays upped their target price on shares of Shopify from $63.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 8th. Mizuho reduced their price target on shares of Shopify from $75.00 to $65.00 and set a “neutral” rating for the company in a research report on Thursday, May 9th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on shares of Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. One research 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’s stock. According to MarketBeat, Shopify has a consensus rating of “Moderate Buy” and a consensus target price of $77.11.

Shopify Stock Up 0.2 %

Shares of Shopify stock opened at $70.22 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. Shopify Inc. has a 52-week low of $45.50 and a 52-week high of $91.57. The stock has a market capitalization of $90.49 billion, a price-to-earnings ratio of -412.35, a P/E/G ratio of 2.48 and a beta of 2.35. The company’s 50 day moving average price is $66.97 and its 200-day moving average price is $68.73.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.06. The firm had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.01 billion. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The business’s revenue was up 20.7% on a year-over-year basis. During the same quarter last year, the business earned ($0.08) earnings per share. Equities research analysts forecast that Shopify Inc. will post 0.76 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.