Shopify Inc. (NYSE:SHOP) Stake Increased by Lindbrook Capital LLC

Lindbrook Capital LLC raised its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 4.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,314 shares of the software maker’s stock after acquiring an additional 326 shares during the quarter. Lindbrook Capital LLC’s holdings in Shopify were worth $586,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. GQG Partners LLC grew its stake in Shopify by 197.9% in the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after purchasing an additional 13,885,473 shares in the last quarter. Capital World Investors lifted its holdings in Shopify by 26.2% during the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after buying an additional 10,340,040 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Shopify by 21.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after acquiring an additional 5,982,434 shares in the last quarter. Mackenzie Financial Corp increased its holdings in shares of Shopify by 49.9% in the 2nd quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock valued at $417,386,000 after acquiring an additional 2,102,939 shares during the last quarter. Finally, Toronto Dominion Bank raised its position in shares of Shopify by 214.5% during the 1st quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock valued at $224,492,000 after acquiring an additional 1,983,996 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Trading Up 1.8 %

NYSE:SHOP opened at $87.12 on Friday. The stock has a fifty day simple moving average of $78.41 and a 200 day simple moving average of $69.83. The firm has a market capitalization of $112.42 billion, a price-to-earnings ratio of 88.90, a price-to-earnings-growth ratio of 2.74 and a beta of 2.36. Shopify Inc. has a 1-year low of $48.56 and a 1-year 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.

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

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. KeyCorp assumed coverage on shares of Shopify in a report on Thursday, July 25th. They set an “overweight” rating and a $80.00 target price on the stock. Royal Bank of Canada increased their price objective on shares of Shopify from $85.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Wolfe Research began coverage on Shopify in a report on Tuesday, July 16th. They set an “outperform” rating and a $80.00 target price for the company. Morgan Stanley raised their price target on Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Finally, Loop Capital upped their price objective on Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Shopify presently has an average rating of “Moderate Buy” and an average price target of $81.03.

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.