Shopify Inc. (NYSE:SHOP) Shares Acquired by Washington Trust Advisors Inc.

Washington Trust Advisors Inc. boosted its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 73.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,543 shares of the software maker’s stock after acquiring an additional 653 shares during the quarter. Washington Trust Advisors Inc.’s holdings in Shopify were worth $124,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Oliver Lagore Vanvalin Investment Group boosted its holdings in shares of Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after acquiring an additional 200 shares in the last quarter. Rosenberg Matthew Hamilton boosted its stake in Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after purchasing an additional 133 shares in the last quarter. Cultivar Capital Inc. acquired a new position in shares of Shopify during the 2nd quarter valued at $33,000. Hazlett Burt & Watson Inc. bought a new stake in shares of Shopify in the 2nd quarter worth $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Shopify in the second quarter valued at $39,000. Institutional investors own 69.27% of the company’s stock.

Shopify Trading Up 1.8 %

Shares of Shopify stock opened at $87.12 on Friday. The company has a market cap of $112.42 billion, a price-to-earnings ratio of 88.90, a PEG ratio of 2.74 and a beta of 2.36. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $91.57. The company’s fifty day simple moving average is $78.41 and its 200-day simple moving average is $69.83. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly 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 company had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The business’s quarterly revenue was up 20.7% on a year-over-year basis. During the same period last year, the business posted ($0.08) EPS. As a group, sell-side analysts expect that Shopify Inc. will post 0.76 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Truist Financial dropped their price target on shares of Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a research report on Tuesday, August 6th. Robert W. Baird raised their target price on shares of Shopify from $79.00 to $90.00 and gave the stock an “outperform” rating in a report on Wednesday, October 9th. Bank of America raised Shopify from a “neutral” rating to a “buy” rating and upped their price target for the company from $78.00 to $82.00 in a report on Tuesday, July 16th. Royal Bank of Canada raised their price objective on Shopify from $85.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.03.

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.