1620 Investment Advisors Inc. Makes New Investment in Shopify Inc. (NYSE:SHOP)

1620 Investment Advisors Inc. purchased a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the second quarter, Holdings Channel reports. The firm purchased 1,455 shares of the software maker’s stock, valued at approximately $96,000.

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

Shopify Trading Down 2.4 %

SHOP opened at $74.32 on Friday. The business’s 50-day simple moving average is $65.39 and its 200-day simple moving average is $69.48. The company has a market cap of $95.77 billion, a P/E ratio of -437.18, a PEG ratio of 2.50 and a beta of 2.30. Shopify Inc. has a one year low of $45.50 and a one 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.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, beating the consensus estimate of $0.20 by $0.06. The company had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The firm’s revenue was up 20.7% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.08) earnings per share. As a group, equities research analysts expect that Shopify Inc. will post 0.76 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SHOP has been the subject of a number of research analyst reports. Scotiabank lowered their price target on Shopify from $80.00 to $75.00 and set a “sector perform” rating for the company in a report on Thursday, May 9th. Barclays increased their target price on shares of Shopify from $63.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 8th. Truist Financial reduced their price target on shares of Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a research note on Tuesday, August 6th. JPMorgan Chase & Co. increased their price objective on shares of Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research report on Tuesday. Finally, KeyCorp began coverage on Shopify in a research report on Thursday, July 25th. They issued an “overweight” rating and a $80.00 target price on the stock. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $77.30.

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.