Valmark Advisers Inc. Acquires 568 Shares of Shopify Inc. (NYSE:SHOP)

Valmark Advisers Inc. boosted its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 5.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,867 shares of the software maker’s stock after acquiring an additional 568 shares during the quarter. Valmark Advisers Inc.’s holdings in Shopify were worth $871,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SHOP. Oliver Lagore Vanvalin Investment Group increased its holdings in Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after purchasing an additional 200 shares during the period. Cultivar Capital Inc. bought a new position in shares of Shopify during the second quarter worth about $33,000. Hazlett Burt & Watson Inc. acquired a new position in shares of Shopify in the second quarter worth approximately $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Shopify in the second quarter valued at approximately $39,000. Finally, HighMark Wealth Management LLC increased its position in Shopify by 63.3% during the 2nd quarter. HighMark Wealth Management LLC now owns 601 shares of the software maker’s stock valued at $40,000 after purchasing an additional 233 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Down 0.4 %

SHOP stock opened at $80.03 on Thursday. The stock has a market cap of $103.13 billion, a P/E ratio of -470.76, a P/E/G ratio of 2.65 and a beta of 2.36. 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’s fifty day simple moving average is $77.41 and its two-hundred day simple moving average is $69.25. Shopify Inc. has a 1-year low of $45.50 and a 1-year high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share 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 company had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.01 billion. During the same period in the previous year, the firm earned ($0.08) EPS. The firm’s quarterly revenue was up 20.7% on a year-over-year basis. Analysts expect that Shopify Inc. will post 0.76 EPS for the current year.

Analysts Set New Price Targets

SHOP has been the topic of a number of analyst reports. Argus raised shares of Shopify to a “strong-buy” rating in a research note on Thursday, August 8th. Royal Bank of Canada upped their price target on shares of Shopify from $85.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Bank of America raised Shopify from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $78.00 to $82.00 in a research report on Tuesday, July 16th. 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. Finally, Wolfe Research initiated coverage on Shopify in a report on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 target price for the company. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.21.

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.