Boyd Watterson Asset Management LLC OH Boosts Holdings in Shopify Inc. (NYSE:SHOP)

Boyd Watterson Asset Management LLC OH lifted its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 0.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,764 shares of the software maker’s stock after acquiring an additional 155 shares during the period. Boyd Watterson Asset Management LLC OH’s holdings in Shopify were worth $2,145,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Norden Group LLC purchased a new position in shares of Shopify in the 1st quarter worth about $3,618,000. Silvercrest Asset Management Group LLC raised 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 grew its stake in Shopify by 5.8% during the first quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock worth $40,838,000 after buying an additional 28,639 shares during the period. Clearbridge Investments LLC increased its position in shares of Shopify by 54.2% in the second quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock worth $311,404,000 after acquiring an additional 1,657,251 shares in the last quarter. Finally, Vanguard Group Inc. raised 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 acquiring an additional 713,064 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Piper Sandler reiterated a “neutral” rating and issued a $67.00 price target on shares of Shopify in a report on Thursday, August 29th. Bank of America upgraded Shopify from a “neutral” rating to a “buy” rating and upped their price target for the stock from $78.00 to $82.00 in a report on Tuesday, July 16th. DZ Bank cut shares of Shopify from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. Wells Fargo & Company raised their price target on shares of Shopify from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, September 11th. Finally, Royal Bank of Canada lifted their target price on Shopify from $85.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $79.36.

Shopify Stock Performance

Shares of NYSE SHOP opened at $80.20 on Thursday. Shopify Inc. has a 1 year low of $45.50 and a 1 year high of $91.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. The stock has a fifty day moving average price of $76.94 and a two-hundred day moving average price of $69.00. The firm has a market cap of $103.35 billion, a P/E ratio of 81.28, a PEG ratio of 2.73 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. During the same period in the previous year, the company earned ($0.08) earnings per share. Shopify’s revenue was up 20.7% compared to the same quarter last year. Research analysts forecast that Shopify Inc. will post 0.76 EPS for the current fiscal 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.