L & S Advisors Inc Invests $304,000 in Shopify Inc. (NYSE:SHOP)

L & S Advisors Inc purchased a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 4,600 shares of the software maker’s stock, valued at approximately $304,000.

Other hedge funds have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its stake in Shopify by 9.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 469,529 shares of the software maker’s stock worth $36,576,000 after buying an additional 41,205 shares in the last quarter. Level Four Advisory Services LLC purchased a new position in shares of Shopify in the 4th quarter valued at approximately $262,000. Coldstream Capital Management Inc. purchased a new stake in Shopify in the fourth quarter worth $251,000. Balentine LLC bought a new position in Shopify in the fourth quarter worth $265,000. Finally, Corient Private Wealth LLC lifted its position in Shopify by 6.1% during the fourth quarter. Corient Private Wealth LLC now owns 82,347 shares of the software maker’s stock valued at $6,415,000 after buying an additional 4,731 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Citigroup reduced their target price on shares of Shopify from $97.00 to $90.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Barclays lifted their target price on shares of Shopify from $63.00 to $65.00 and gave the company an “equal weight” rating in a report on Thursday, August 8th. Wolfe Research began coverage on Shopify in a research note on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 price target on the stock. Bank of America upgraded Shopify from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $78.00 to $82.00 in a research note on Tuesday, July 16th. Finally, JMP Securities restated a “market outperform” rating and set a $80.00 price target on shares of Shopify in a report on Tuesday, September 10th. 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. According to MarketBeat, Shopify has an average rating of “Moderate Buy” and a consensus target price of $77.92.

Shopify Trading Up 1.2 %

Shares of SHOP stock opened at $74.48 on Wednesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. The company has a market cap of $95.98 billion, a price-to-earnings ratio of -438.12, a PEG ratio of 2.39 and a beta of 2.35. Shopify Inc. has a 1 year low of $45.50 and a 1 year high of $91.57. The firm has a fifty day moving average price of $67.67 and a 200-day moving average price of $68.27.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The business had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.01 billion. During the same quarter in the previous year, the company posted ($0.08) earnings per share. Shopify’s revenue for the quarter was up 20.7% on a year-over-year basis. As a group, equities analysts predict 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.