Commonwealth Equity Services LLC Has $26.45 Million Holdings in Shopify Inc. (NYSE:SHOP)

Commonwealth Equity Services LLC raised its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 4.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 400,416 shares of the software maker’s stock after buying an additional 16,670 shares during the period. Commonwealth Equity Services LLC’s holdings in Shopify were worth $26,448,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of SHOP. Norden Group LLC acquired a new stake in Shopify during the 1st quarter valued at $3,618,000. Silvercrest Asset Management Group LLC grew its holdings in shares of Shopify by 735.0% during the first 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 during the last quarter. DekaBank Deutsche Girozentrale increased its stake in shares of Shopify by 5.8% in the first quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock valued at $40,838,000 after buying an additional 28,639 shares in the last quarter. FIL Ltd raised its holdings in shares of Shopify by 1.8% in the fourth quarter. FIL Ltd now owns 13,303,001 shares of the software maker’s stock valued at $1,035,688,000 after buying an additional 238,596 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in Shopify by 1.7% during the 1st 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 in the last quarter. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Robert W. Baird reduced their target price on shares of Shopify from $87.00 to $77.00 and set an “outperform” rating on the stock in a research report on Thursday, May 9th. Scotiabank reduced their price objective on Shopify from $80.00 to $75.00 and set a “sector perform” rating on the stock in a report on Thursday, May 9th. JPMorgan Chase & Co. lifted their target price on Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. Argus upgraded Shopify to a “strong-buy” rating in a research report on Thursday, August 8th. Finally, The Goldman Sachs Group raised their price target on Shopify from $67.00 to $74.00 and gave the company a “buy” rating in a report on Tuesday, May 28th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and a consensus target price of $77.30.

Shopify Price Performance

Shares of NYSE SHOP opened at $74.07 on Monday. The company has a fifty day moving average price of $66.47 and a 200 day moving average price of $68.85. The firm has a market cap of $95.45 billion, a PE ratio of -435.71, a PEG ratio of 2.48 and a beta of 2.30. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. Shopify Inc. has a 1-year low of $45.50 and a 1-year high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data 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. 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 analysts’ expectations of $2.01 billion. During the same period in the prior year, the firm earned ($0.08) earnings per share. Shopify’s revenue for the quarter was up 20.7% compared to the same quarter last year. Research analysts predict that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

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.