Clarity Wealth Advisors LLC Buys 375 Shares of Shopify Inc. (NYSE:SHOP)

Clarity Wealth Advisors LLC lifted its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 7.6% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,335 shares of the software maker’s stock after purchasing an additional 375 shares during the quarter. Clarity Wealth Advisors LLC’s holdings in Shopify were worth $428,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of SHOP. Oliver Lagore Vanvalin Investment Group lifted its stake in Shopify by 100.0% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after purchasing an additional 200 shares during the last quarter. Cultivar Capital Inc. bought a new stake in shares of Shopify during the 2nd quarter worth $33,000. Hazlett Burt & Watson Inc. acquired a new stake in Shopify in the second quarter valued at about $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in Shopify in the second quarter valued at about $39,000. Finally, Private Wealth Management Group LLC boosted its position in Shopify by 53.3% in the first quarter. Private Wealth Management Group LLC now owns 518 shares of the software maker’s stock valued at $40,000 after buying an additional 180 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of SHOP stock traded up $1.05 on Friday, hitting $82.68. 3,862,207 shares of the stock were exchanged, compared to its average volume of 9,290,721. The firm has a market capitalization of $106.55 billion, a PE ratio of 84.38, a P/E/G ratio of 2.80 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’s 50 day moving average is $76.26 and its two-hundred day moving average is $68.93. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on SHOP shares. DZ Bank downgraded shares of Shopify from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Robert W. Baird increased their target price on Shopify from $79.00 to $90.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. Piper Sandler restated a “neutral” rating and set a $67.00 price target on shares of Shopify in a report on Thursday, August 29th. Wells Fargo & Company raised their price objective on shares of Shopify from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, September 11th. Finally, Truist Financial reduced their target price on shares of Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Shopify presently has an average rating of “Moderate Buy” and a consensus price target of $79.36.

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.