Dash Acquisitions Inc. Makes New Investment in Shopify Inc. (NYSE:SHOP)

Dash Acquisitions Inc. acquired a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the third quarter, Holdings Channel.com reports. The firm acquired 37,103 shares of the software maker’s stock, valued at approximately $2,933,000. Shopify accounts for approximately 0.7% of Dash Acquisitions Inc.’s investment portfolio, making the stock its 25th biggest position.

Several other institutional investors have also recently modified their holdings of the company. Capital World Investors raised its position in Shopify by 26.2% in the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after purchasing an additional 10,340,040 shares during the period. Vanguard Group Inc. increased its holdings in shares of Shopify by 1.7% in the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after buying an additional 713,064 shares during the period. Price T Rowe Associates Inc. MD lifted its stake 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 valued at $2,642,265,000 after acquiring an additional 5,982,434 shares during the last quarter. GQG Partners LLC boosted its holdings in Shopify by 197.9% during the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after acquiring an additional 13,885,473 shares during the period. Finally, Capital International Investors grew its position in Shopify by 3.4% during the 1st quarter. Capital International Investors now owns 16,392,141 shares of the software maker’s stock worth $1,264,982,000 after acquiring an additional 542,503 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on SHOP shares. JPMorgan Chase & Co. boosted their price objective on Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. Roth Mkm upped their price target on shares of Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Barclays raised their price target on shares of Shopify from $65.00 to $70.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 1st. KeyCorp started coverage on shares of Shopify in a research note on Thursday, July 25th. They set an “overweight” rating and a $80.00 price objective for the company. Finally, JMP Securities reissued a “market outperform” rating and issued a $80.00 target price on shares of Shopify in a research note on Tuesday, September 10th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $81.03.

Shopify Price Performance

Shares of NYSE SHOP opened at $78.99 on Friday. The company has a 50 day moving average of $77.54 and a 200 day moving average of $69.38. 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 Inc. has a twelve month low of $48.56 and a twelve month high of $91.57. The firm has a market cap of $101.93 billion, a P/E ratio of 80.60, a PEG ratio of 2.62 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced 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 return on equity of 10.88% and a net margin of 16.40%. The firm had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.01 billion. During the same period in the prior year, the company posted ($0.08) earnings per share. The company’s quarterly revenue was up 20.7% on a year-over-year basis. As a group, research analysts expect that Shopify Inc. will post 0.76 EPS for the current fiscal year.

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.