Occidental Asset Management LLC Buys Shares of 3,293 Shopify Inc. (NYSE:SHOP)

by · The Markets Daily

Occidental Asset Management LLC bought a new stake in shares of Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,293 shares of the software maker’s stock, valued at approximately $218,000.

Other hedge funds have also made changes to their positions in the company. Private Wealth Management Group LLC purchased a new stake in shares of Shopify in the fourth quarter valued at approximately $26,000. DSM Capital Partners LLC purchased a new stake in shares of Shopify in the fourth quarter valued at approximately $28,000. Jones Financial Companies Lllp purchased a new stake in shares of Shopify in the fourth quarter valued at approximately $28,000. Your Advocates Ltd. LLP grew its position in shares of Shopify by 4,344.4% in the fourth quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock valued at $31,000 after purchasing an additional 391 shares in the last quarter. Finally, OLD Point Trust & Financial Services N A purchased a new stake in shares of Shopify in the fourth quarter valued at approximately $39,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Down 1.4 %

Shares of NYSE SHOP opened at $68.33 on Tuesday. Shopify Inc. has a 12-month low of $45.50 and a 12-month high of $91.57. The company has a current ratio of 7.14, a quick ratio of 7.14 and a debt-to-equity ratio of 0.10. The stock has a market cap of $88.06 billion, a P/E ratio of -401.94, a PEG ratio of 3.14 and a beta of 2.30. The business’s fifty day simple moving average is $63.61 and its 200-day simple moving average is $69.72.

Shopify (NYSE:SHOP – Get Free Report) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. The company had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.01 billion. During the same period last year, the firm earned ($0.08) earnings per share. Shopify’s quarterly revenue was up 20.7% on a year-over-year basis. As a group, equities analysts predict that Shopify Inc. will post 0.62 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. BNP Paribas upgraded Shopify from an “underperform” rating to an “outperform” rating in a research report on Thursday, May 2nd. Royal Bank of Canada reiterated an “outperform” rating and issued a $85.00 price objective on shares of Shopify in a research report on Thursday, August 8th. Wells Fargo & Company increased their price objective on Shopify from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Moffett Nathanson lowered Shopify from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $74.00 to $65.00 in a research report on Thursday, June 6th. Finally, Loop Capital lowered their price objective on Shopify from $90.00 to $80.00 and set a “hold” rating for the company in a research report on Monday, April 15th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and twenty-three have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.24.

Read Our Latest Stock Analysis on SHOP

Shopify Company Profile

(Free Report)

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.

Further Reading

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