Pittenger & Anderson Inc. Boosts Stock Position in Shopify Inc. (NYSE:SHOP)

Pittenger & Anderson Inc. lifted its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1,657.0% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 38,215 shares of the software maker’s stock after purchasing an additional 36,040 shares during the quarter. Pittenger & Anderson Inc.’s holdings in Shopify were worth $3,063,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Oliver Lagore Vanvalin Investment Group grew its position in Shopify by 100.0% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after acquiring an additional 200 shares during the last quarter. Cultivar Capital Inc. bought a new position in shares of Shopify during the 2nd quarter valued at $33,000. Hazlett Burt & Watson Inc. purchased a new position in Shopify in the 2nd quarter worth $33,000. Rosenberg Matthew Hamilton lifted its stake in Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after purchasing an additional 133 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Shopify during the second quarter valued at about $39,000. Institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

Shares of NYSE SHOP opened at $78.61 on Tuesday. The firm has a market cap of $101.44 billion, a P/E ratio of 80.04, a PEG ratio of 2.64 and a beta of 2.36. Shopify Inc. has a twelve month low of $48.56 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 company has a 50 day moving average of $77.61 and a 200 day moving average of $69.45.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results 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 firm had revenue of $2.05 billion during the quarter, compared to analysts’ expectations 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 in the previous year, the business earned ($0.08) earnings per share. As a group, research analysts expect that Shopify Inc. will post 0.76 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SHOP. Truist Financial lowered their target price on Shopify from $65.00 to $55.00 and set a “hold” rating for the company in a research note on Tuesday, August 6th. Deutsche Bank Aktiengesellschaft boosted their price objective on Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Wolfe Research initiated coverage on shares of Shopify in a report on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 target price on the stock. Loop Capital lifted their target price on shares of Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Finally, Robert W. Baird increased their price target on shares of Shopify from $79.00 to $90.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $81.03.

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.