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

Evolution Wealth Advisors LLC bought a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 3rd quarter, HoldingsChannel reports. The institutional investor bought 2,743 shares of the software maker’s stock, valued at approximately $220,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Nations Financial Group Inc. IA ADV increased its position in shares of Shopify by 4.6% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker’s stock valued at $381,000 after purchasing an additional 209 shares during the last quarter. Silvercrest Asset Management Group LLC grew its stake in shares of Shopify by 735.0% during the first quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock worth $4,084,000 after purchasing an additional 46,589 shares in the last quarter. Baker Avenue Asset Management LP increased its holdings in Shopify by 10.9% in the third quarter. Baker Avenue Asset Management LP now owns 217,000 shares of the software maker’s stock valued at $17,390,000 after buying an additional 21,265 shares during the last quarter. Atria Investments Inc increased its holdings in Shopify by 16.8% in the third quarter. Atria Investments Inc now owns 158,383 shares of the software maker’s stock valued at $12,693,000 after buying an additional 22,832 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in Shopify by 3.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 190,371 shares of the software maker’s stock valued at $15,079,000 after buying an additional 7,009 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Performance

SHOP opened at $108.49 on Friday. The stock’s 50 day simple moving average is $81.97 and its 200-day simple moving average is $71.02. The stock has a market cap of $139.99 billion, a PE ratio of 101.38, a P/E/G ratio of 3.71 and a beta of 2.36. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $115.62. The company has a current ratio of 7.10, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, November 12th. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.09. Shopify had a net margin of 16.84% and a return on equity of 11.60%. The company had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.11 billion. Sell-side analysts forecast that Shopify Inc. will post 0.76 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Mizuho increased their price target on shares of Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research note on Wednesday. Truist Financial lifted their price target on shares of Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research note on Wednesday. Piper Sandler upped their price objective on shares of Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a research note on Wednesday. DZ Bank lowered Shopify from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Finally, JPMorgan Chase & Co. boosted their target price on Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $94.95.

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.