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

New World Advisors LLC acquired a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 4,238 shares of the software maker’s stock, valued at approximately $280,000.

Other large investors have also modified their holdings of the company. Wealthcare Advisory Partners LLC raised its position in shares of Shopify by 9.0% during the 4th quarter. Wealthcare Advisory Partners LLC now owns 4,121 shares of the software maker’s stock worth $321,000 after purchasing an additional 341 shares during the last quarter. Private Advisor Group LLC raised its position in shares of Shopify by 7.5% during the 4th quarter. Private Advisor Group LLC now owns 31,572 shares of the software maker’s stock worth $2,459,000 after purchasing an additional 2,208 shares during the last quarter. Maryland State Retirement & Pension System raised its position in shares of Shopify by 0.8% during the 4th quarter. Maryland State Retirement & Pension System now owns 39,786 shares of the software maker’s stock worth $3,099,000 after purchasing an additional 334 shares during the last quarter. Lincoln National Corp raised its position in shares of Shopify by 11.2% during the 4th quarter. Lincoln National Corp now owns 7,907 shares of the software maker’s stock worth $616,000 after purchasing an additional 794 shares during the last quarter. Finally, Welch & Forbes LLC raised its position in shares of Shopify by 86.7% during the 4th quarter. Welch & Forbes LLC now owns 91,673 shares of the software maker’s stock worth $7,141,000 after purchasing an additional 42,581 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Down 0.6 %

NYSE:SHOP traded down $0.44 during midday trading on Wednesday, hitting $70.82. 1,555,182 shares of the company were exchanged, compared to its average volume of 10,002,370. The company has a fifty day simple moving average of $66.80 and a 200 day simple moving average of $68.71. Shopify Inc. has a fifty-two week low of $45.50 and a fifty-two week high of $91.57. 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 company has a market capitalization of $91.26 billion, a PE ratio of -417.82, a price-to-earnings-growth ratio of 2.48 and a beta of 2.35.

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, topping the consensus estimate of $0.20 by $0.06. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. During the same period last year, the business earned ($0.08) EPS. Shopify’s revenue for the quarter was up 20.7% compared to the same quarter last year. As a group, equities analysts anticipate that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SHOP. Loop Capital upped their price target on shares of Shopify from $68.00 to $80.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. Bank of America upgraded shares of Shopify from a “neutral” rating to a “buy” rating and increased their price objective for the company from $78.00 to $82.00 in a report on Tuesday, July 16th. Robert W. Baird cut their price objective on shares of Shopify from $87.00 to $77.00 and set an “outperform” rating for the company in a report on Thursday, May 9th. KeyCorp initiated coverage on shares of Shopify in a report on Thursday, July 25th. They issued an “overweight” rating and a $80.00 price objective for the company. Finally, Citigroup cut their price objective on shares of Shopify from $97.00 to $90.00 and set a “buy” rating for the company in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.