Seven Mile Advisory Has $292,000 Stock Holdings in Shopify Inc. (NYSE:SHOP)

Seven Mile Advisory boosted its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.1% in the second quarter, HoldingsChannel reports. The firm owned 4,424 shares of the software maker’s stock after purchasing an additional 255 shares during the quarter. Seven Mile Advisory’s holdings in Shopify were worth $292,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Private Wealth Management Group LLC bought a new stake in shares of Shopify during the 4th quarter worth about $26,000. DSM Capital Partners LLC acquired a new stake in Shopify during the fourth quarter worth approximately $28,000. Jones Financial Companies Lllp bought a new stake in shares of Shopify during the fourth quarter worth approximately $28,000. Cultivar Capital Inc. acquired a new position in shares of Shopify in the second quarter valued at approximately $33,000. Finally, Hazlett Burt & Watson Inc. bought a new position in shares of Shopify during the second quarter worth approximately $33,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on SHOP. Piper Sandler restated a “neutral” rating and issued a $67.00 price target on shares of Shopify in a research note on Thursday, August 29th. The Goldman Sachs Group boosted their target price on shares of Shopify from $67.00 to $74.00 and gave the company a “buy” rating in a research report on Tuesday, May 28th. Morgan Stanley raised their price target on shares of Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Wells Fargo & Company lifted their price objective on shares of Shopify from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, DZ Bank cut shares of Shopify from a “hold” rating to a “sell” rating in a report on Friday, August 9th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $77.37.

Shopify Stock Performance

Shopify stock opened at $72.45 on Friday. The business has a 50 day moving average of $67.38 and a 200-day moving average of $68.36. The company has a market capitalization of $93.36 billion, a P/E ratio of -426.18, a P/E/G ratio of 2.40 and a beta of 2.35. Shopify Inc. has a 1 year low of $45.50 and a 1 year high of $91.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.06. The firm had revenue of $2.05 billion during 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 company’s revenue was up 20.7% on a year-over-year basis. During the same period in the prior year, the company posted ($0.08) EPS. On average, equities research analysts predict that Shopify Inc. will post 0.76 earnings per share for the current year.

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.