Atomi Financial Group Inc. Increases Stock Position in Shopify Inc. (NYSE:SHOP)

Atomi Financial Group Inc. raised its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 15.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,326 shares of the software maker’s stock after acquiring an additional 1,510 shares during the period. Atomi Financial Group Inc.’s holdings in Shopify were worth $874,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in SHOP. Norden Group LLC acquired a new position in shares of Shopify in the first quarter valued at approximately $3,618,000. StoneCrest Wealth Management Inc. acquired a new stake in shares of Shopify in the fourth quarter valued at $1,164,000. FIL Ltd boosted its holdings in Shopify by 1.8% in the fourth quarter. FIL Ltd now owns 13,303,001 shares of the software maker’s stock valued at $1,035,688,000 after purchasing an additional 238,596 shares during the period. Asset Management One Co. Ltd. increased its holdings in Shopify by 4,007.4% during the 4th quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker’s stock worth $2,807,000 after purchasing an additional 34,624 shares during the period. Finally, Wealthcare Advisory Partners LLC boosted its stake in shares of Shopify by 5.3% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 4,340 shares of the software maker’s stock valued at $335,000 after buying an additional 219 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SHOP has been the topic of several analyst reports. JPMorgan Chase & Co. began coverage on shares of Shopify in a report on Tuesday, June 11th. They issued an “overweight” rating and a $74.00 target price on the stock. DA Davidson decreased their price objective on shares of Shopify from $90.00 to $84.00 and set a “buy” rating for the company in a research report on Thursday, May 9th. BNP Paribas upgraded Shopify from an “underperform” rating to an “outperform” rating in a research note on Thursday, May 2nd. Piper Sandler upgraded Shopify from an “underweight” rating to a “neutral” rating and set a $63.00 price objective on the stock in a report on Thursday, May 9th. Finally, TD Securities lowered their price target on Shopify from $80.00 to $72.00 and set a “hold” rating for the company in a report on Thursday, May 9th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.03.

Shopify Price Performance

Shares of NYSE SHOP traded down $0.66 during midday trading on Monday, hitting $64.23. The company had a trading volume of 4,433,678 shares, compared to its average volume of 10,020,478. The firm has a market capitalization of $82.77 billion, a price-to-earnings ratio of -381.71, a price-to-earnings-growth ratio of 3.24 and a beta of 2.30. Shopify Inc. has a twelve month low of $45.50 and a twelve month high of $91.57. The business has a 50-day simple moving average of $63.05 and a two-hundred day simple moving average of $72.22. The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.04. The company had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.84 billion. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. Equities research analysts anticipate that Shopify Inc. will post 0.62 earnings per share for the current year.

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.