Redwood Wealth Management Group LLC Purchases Shares of 985 Shopify Inc. (NYSE:SHOP)

Redwood Wealth Management Group LLC acquired a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 985 shares of the software maker’s stock, valued at approximately $65,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SHOP. Norden Group LLC acquired a new position in shares of Shopify in the 1st quarter worth approximately $3,618,000. Silvercrest Asset Management Group LLC lifted its holdings in Shopify by 735.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock valued at $4,084,000 after buying an additional 46,589 shares during the period. DekaBank Deutsche Girozentrale boosted its position in Shopify by 5.8% during the first quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock valued at $40,838,000 after acquiring an additional 28,639 shares during the last quarter. FIL Ltd raised its position in shares of Shopify by 1.8% in the 4th quarter. FIL Ltd now owns 13,303,001 shares of the software maker’s stock worth $1,035,688,000 after acquiring an additional 238,596 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Shopify by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock valued at $3,309,154,000 after purchasing an additional 713,064 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Benchmark reaffirmed a “hold” rating on shares of Shopify in a research note on Tuesday, August 6th. Bank of America raised shares of Shopify from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $78.00 to $82.00 in a research report on Tuesday, July 16th. Evercore upped their target price on Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. JPMorgan Chase & Co. increased their target price on Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $85.00 price target on shares of Shopify in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Shopify has an average rating of “Moderate Buy” and an average target price of $77.37.

Shopify Price Performance

Shares of NYSE SHOP opened at $72.45 on Monday. 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 stock has a fifty day simple moving average of $67.38 and a two-hundred day simple moving average of $68.30. Shopify Inc. has a 1-year low of $45.50 and a 1-year high of $91.57. The firm has a market cap of $93.36 billion, a price-to-earnings ratio of -426.18, a price-to-earnings-growth ratio of 2.39 and a beta of 2.35.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share (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 return on equity of 10.88% and a net margin of 16.40%. The firm’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.08) EPS. Analysts anticipate that Shopify Inc. will post 0.76 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.