42,100 Shares in Shopify Inc. (NYSE:SHOP) Purchased by Citizens Financial Group Inc. RI

Citizens Financial Group Inc. RI acquired a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 42,100 shares of the software maker’s stock, valued at approximately $2,781,000.

Other hedge funds also recently made changes to their positions in the company. Total Clarity Wealth Management Inc. increased its holdings in shares of Shopify by 23.6% during the 2nd quarter. Total Clarity Wealth Management Inc. now owns 4,140 shares of the software maker’s stock worth $273,000 after acquiring an additional 790 shares during the last quarter. Menard Financial Group LLC raised its position in shares of Shopify by 2.2% in the second quarter. Menard Financial Group LLC now owns 10,991 shares of the software maker’s stock valued at $726,000 after purchasing an additional 233 shares during the period. Sierra Summit Advisors LLC lifted its stake in shares of Shopify by 3.9% during the 2nd quarter. Sierra Summit Advisors LLC now owns 123,881 shares of the software maker’s stock worth $8,182,000 after buying an additional 4,624 shares during the last quarter. Financial Perspectives Inc grew its stake in Shopify by 20.0% in the 2nd quarter. Financial Perspectives Inc now owns 18,222 shares of the software maker’s stock valued at $1,204,000 after buying an additional 3,041 shares during the last quarter. Finally, Angeles Investment Advisors LLC raised its holdings in Shopify by 34.7% in the 2nd quarter. Angeles Investment Advisors LLC now owns 9,989 shares of the software maker’s stock valued at $660,000 after acquiring an additional 2,575 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Trading Up 1.6 %

Shares of SHOP stock opened at $73.59 on Tuesday. Shopify Inc. has a fifty-two week low of $45.50 and a fifty-two week 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 50 day simple moving average of $67.50 and a two-hundred day simple moving average of $68.28. The company has a market cap of $94.83 billion, a P/E ratio of -432.88, a PEG ratio of 2.39 and a beta of 2.35.

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

Analyst Ratings Changes

SHOP has been the topic of several research reports. Morgan Stanley upped their target price on Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Piper Sandler reissued a “neutral” rating and set a $67.00 target price on shares of Shopify in a report on Thursday, August 29th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $85.00 price target on shares of Shopify in a research note on Thursday, August 8th. Wolfe Research started coverage on shares of Shopify in a research note on Tuesday, July 16th. They set an “outperform” rating and a $80.00 price objective on the stock. Finally, JPMorgan Chase & Co. boosted their target price on shares of Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $77.37.

Shopify Company Profile

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.