Grassi Investment Management Acquires 14,250 Shares of Shopify Inc. (NYSE:SHOP)

Grassi Investment Management grew its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 63.2% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 36,780 shares of the software maker’s stock after buying an additional 14,250 shares during the period. Grassi Investment Management’s holdings in Shopify were worth $2,948,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norden Group LLC bought a new position in shares of Shopify during the 1st quarter worth approximately $3,618,000. Silvercrest Asset Management Group LLC lifted its holdings in shares of Shopify by 735.0% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock worth $4,084,000 after purchasing an additional 46,589 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in shares of Shopify by 5.8% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock worth $40,838,000 after purchasing an additional 28,639 shares in the last quarter. Clearbridge Investments LLC lifted its holdings in shares of Shopify by 54.2% in the 2nd quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock worth $311,404,000 after purchasing an additional 1,657,251 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Shopify by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after purchasing an additional 713,064 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Trading Up 0.7 %

Shares of SHOP opened at $80.20 on Thursday. Shopify Inc. has a twelve month low of $45.50 and a twelve month high of $91.57. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The stock has a market cap of $103.35 billion, a PE ratio of 81.28, a P/E/G ratio of 2.73 and a beta of 2.36. The business’s 50-day moving average price is $76.94 and its 200-day moving average price is $69.00.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data 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 return on equity of 10.88% and a net margin of 16.40%. The company had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.01 billion. During the same quarter in the previous year, the firm earned ($0.08) earnings per share. Shopify’s revenue was up 20.7% on a year-over-year basis. On average, equities analysts forecast that Shopify Inc. will post 0.76 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on SHOP shares. Truist Financial cut their target price on Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a report on Tuesday, August 6th. Loop Capital increased their target price on Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Roth Mkm raised their price objective on Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Evercore ISI raised their price objective on Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. Finally, Piper Sandler restated a “neutral” rating and set a $67.00 price objective on shares of Shopify in a research note on Thursday, August 29th. One equities research 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat, Shopify has a consensus rating of “Moderate Buy” and an average target price of $79.36.

Shopify 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.