Sierra Summit Advisors LLC Grows Stock Position in Shopify Inc. (NYSE:SHOP)

Sierra Summit Advisors LLC grew its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.9% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 123,881 shares of the software maker’s stock after purchasing an additional 4,624 shares during the period. Shopify makes up about 2.0% of Sierra Summit Advisors LLC’s investment portfolio, making the stock its 20th largest position. Sierra Summit Advisors LLC’s holdings in Shopify were worth $8,182,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. DSM Capital Partners LLC purchased a new stake in Shopify during the 4th quarter worth $28,000. Jones Financial Companies Lllp acquired a new position in shares of Shopify in the fourth quarter worth about $28,000. Cultivar Capital Inc. acquired a new stake in Shopify during the 2nd quarter valued at approximately $33,000. Hazlett Burt & Watson Inc. acquired a new stake in Shopify during the 2nd quarter valued at approximately $33,000. Finally, OLD Point Trust & Financial Services N A acquired a new position in shares of Shopify in the 4th quarter valued at approximately $39,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Up 1.6 %

SHOP stock opened at $72.45 on Monday. The stock has a market capitalization of $93.36 billion, a price-to-earnings ratio of -426.18, a price-to-earnings-growth ratio of 2.39 and a beta of 2.35. The company has a 50-day moving average of $67.38 and a two-hundred day moving average of $68.30. Shopify Inc. has a 52-week low of $45.50 and a 52-week high of $91.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Morgan Stanley increased their price target on shares of Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. JMP Securities reissued a “market outperform” rating and set a $80.00 price target on shares of Shopify in a research report on Tuesday, September 10th. Moffett Nathanson downgraded shares of Shopify from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $74.00 to $65.00 in a report on Thursday, June 6th. JPMorgan Chase & Co. increased their target price on shares of Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Finally, UBS Group lifted their price target on shares of Shopify from $71.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.37.

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.