Shopify Inc. (NYSE:SHOP) Shares Purchased by Keudell Morrison Wealth Management

Keudell Morrison Wealth Management grew its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 17.2% in the third quarter, according to its most recent filing with the SEC. The firm owned 4,110 shares of the software maker’s stock after acquiring an additional 602 shares during the quarter. Keudell Morrison Wealth Management’s holdings in Shopify were worth $329,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in SHOP. Perkins Capital Management Inc. acquired a new position in shares of Shopify during the third quarter valued at approximately $240,000. Graypoint LLC increased its position in shares of Shopify by 27.6% during the 3rd quarter. Graypoint LLC now owns 6,268 shares of the software maker’s stock valued at $502,000 after purchasing an additional 1,356 shares during the period. Blake Schutter Theil Wealth Advisors LLC bought a new stake in shares of Shopify in the 3rd quarter worth $209,000. Spinnaker Trust acquired a new stake in shares of Shopify in the third quarter valued at $227,000. Finally, Marks Group Wealth Management Inc boosted its stake in Shopify by 5.8% during the third quarter. Marks Group Wealth Management Inc now owns 7,737 shares of the software maker’s stock valued at $620,000 after buying an additional 426 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Price Performance

Shares of SHOP traded up $2.04 on Thursday, hitting $83.96. The company’s stock had a trading volume of 882,358 shares, compared to its average volume of 8,966,509. The company has a market capitalization of $108.34 billion, a PE ratio of 83.59, a PEG ratio of 2.62 and a beta of 2.36. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $91.57. The company has a 50 day moving average price of $77.90 and a 200 day moving average price of $69.61. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32.

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

Analyst Ratings Changes

A number of equities research analysts have weighed in on SHOP shares. Evercore upped their price target on shares of Shopify from $75.00 to $80.00 in a report on Thursday, August 8th. Barclays raised their target price 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. JMP Securities reaffirmed a “market outperform” rating and issued a $80.00 price target on shares of Shopify in a report on Tuesday, September 10th. KeyCorp began coverage on Shopify in a research note on Thursday, July 25th. They set an “overweight” rating and a $80.00 price objective for the company. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $67.00 target price on shares of Shopify in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and an average target price 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.