Empirical Asset Management LLC Buys 530 Shares of Shopify Inc. (NYSE:SHOP)

Empirical Asset Management LLC lifted its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 15.8% in the third quarter, Holdings Channel.com reports. The fund owned 3,875 shares of the software maker’s stock after acquiring an additional 530 shares during the quarter. Empirical Asset Management LLC’s holdings in Shopify were worth $311,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Oliver Lagore Vanvalin Investment Group raised its holdings in Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after purchasing an additional 200 shares during the last quarter. Cultivar Capital Inc. acquired a new position in Shopify in the second quarter valued at $33,000. Hazlett Burt & Watson Inc. bought a new stake in Shopify during the second quarter valued at $33,000. Private Wealth Management Group LLC grew its holdings in Shopify by 53.3% during the 1st quarter. Private Wealth Management Group LLC now owns 518 shares of the software maker’s stock worth $40,000 after acquiring an additional 180 shares during the period. Finally, Redmont Wealth Advisors LLC bought a new position in shares of Shopify in the 1st quarter worth about $42,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on SHOP shares. Redburn Atlantic upgraded Shopify from a “neutral” rating to a “buy” rating and set a $99.00 target price on the stock in a research report on Tuesday, September 17th. Benchmark reaffirmed a “hold” rating on shares of Shopify in a research report on Tuesday, August 6th. 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. Evercore ISI raised their price target on shares of Shopify from $75.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. Finally, Roth Mkm upped their price objective on shares of Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $78.97.

Shopify Stock Performance

NYSE:SHOP opened at $83.67 on Tuesday. Shopify Inc. has a 1 year low of $45.50 and a 1 year 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. The business has a fifty day simple moving average of $74.81 and a two-hundred day simple moving average of $68.69. The company has a market capitalization of $107.82 billion, a P/E ratio of 85.38, a P/E/G ratio of 2.77 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.06. The company had revenue of $2.05 billion during 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 firm’s revenue for the quarter was up 20.7% on a year-over-year basis. During the same quarter last year, the firm posted ($0.08) EPS. On average, analysts expect that Shopify Inc. will post 0.76 earnings per share for the current year.

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.