Ritholtz Wealth Management Boosts Stake in Shopify Inc. (NYSE:SHOP)

Ritholtz Wealth Management grew its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 41.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 26,955 shares of the software maker’s stock after purchasing an additional 7,879 shares during the quarter. Ritholtz Wealth Management’s holdings in Shopify were worth $2,160,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Massmutual Trust Co. FSB ADV lifted its stake in 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 period. Willis Johnson & Associates Inc. increased its holdings in shares of Shopify by 5.8% in the first quarter. Willis Johnson & Associates Inc. now owns 2,728 shares of the software maker’s stock valued at $211,000 after purchasing an additional 149 shares during the period. Valley National Advisers Inc. increased its holdings in Shopify by 11.4% in the 1st quarter. Valley National Advisers Inc. now owns 1,482 shares of the software maker’s stock worth $114,000 after buying an additional 152 shares during the period. Guardian Asset Advisors LLC increased its stake in shares of Shopify by 3.0% in the third quarter. Guardian Asset Advisors LLC now owns 5,582 shares of the software maker’s stock worth $447,000 after acquiring an additional 160 shares during the period. Finally, Axiom Advisory LLC raised its stake in shares of Shopify by 1.6% during the 3rd quarter. Axiom Advisory LLC now owns 10,880 shares of the software maker’s stock valued at $872,000 after buying an additional 170 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Price Performance

Shares of NYSE SHOP opened at $83.24 on Friday. The firm has a market capitalization of $107.27 billion, a PE ratio of -489.65, a price-to-earnings-growth ratio of 2.79 and a beta of 2.36. Shopify Inc. has a fifty-two week low of $45.50 and a fifty-two week high of $91.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. The stock’s 50-day simple moving average is $74.19 and its 200-day simple moving average is $68.71.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. The business 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 company’s quarterly revenue was up 20.7% on a year-over-year basis. During the same period in the previous year, the company posted ($0.08) EPS. As a group, equities research analysts forecast that Shopify Inc. will post 0.76 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on SHOP shares. Deutsche Bank Aktiengesellschaft increased their target price on shares of Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Royal Bank of Canada restated an “outperform” rating and set a $85.00 price target on shares of Shopify in a research report on Thursday, August 8th. Piper Sandler reaffirmed a “neutral” rating and issued a $67.00 target price on shares of Shopify in a research note on Thursday, August 29th. Roth Mkm upped their price objective on shares of Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Finally, Citigroup lifted their target price on shares of Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $78.97.

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.