Advisors Capital Management LLC Acquires 275 Shares of Shopify Inc. $SHOP

Advisors Capital Management LLC increased its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 13.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,276 shares of the software maker’s stock after purchasing an additional 275 shares during the quarter. Advisors Capital Management LLC’s holdings in Shopify were worth $217,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of SHOP. Fourth Dimension Wealth LLC bought a new stake in shares of Shopify in the fourth quarter worth $30,000. Smithfield Trust Co grew its stake in shares of Shopify by 149.2% in the first quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock worth $30,000 after purchasing an additional 188 shares during the last quarter. Dagco Inc. bought a new stake in shares of Shopify in the first quarter worth $30,000. Cary Street Partners Investment Advisory LLC grew its stake in shares of Shopify by 86.8% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker’s stock worth $34,000 after purchasing an additional 165 shares during the last quarter. Finally, Accent Capital Management LLC bought a new stake in shares of Shopify in the first quarter worth $46,000. Institutional investors own 69.27% of the company’s stock.

Shopify Trading Down 1.1%

Shares of NASDAQ SHOP opened at $143.38 on Friday. The firm’s 50-day moving average price is $133.77 and its 200-day moving average price is $112.03. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $156.85. The firm has a market capitalization of $186.35 billion, a P/E ratio of 80.10, a P/E/G ratio of 6.87 and a beta of 2.69.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.06. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The firm had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. During the same quarter in the prior year, the business earned $0.26 earnings per share. The business’s quarterly revenue was up 31.1% compared to the same quarter last year. Equities research analysts forecast that Shopify Inc. will post 1.12 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on SHOP shares. Royal Bank Of Canada boosted their price objective on shares of Shopify from $145.00 to $170.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. UBS Group boosted their target price on shares of Shopify from $110.00 to $145.00 and gave the company a “neutral” rating in a report on Thursday, August 7th. Robert W. Baird boosted their target price on shares of Shopify from $110.00 to $120.00 and gave the company an “outperform” rating in a report on Monday, July 14th. Scotiabank restated a “sector perform” rating and issued a $150.00 target price (up previously from $115.00) on shares of Shopify in a report on Thursday, August 7th. Finally, JMP Securities boosted their target price on shares of Shopify from $135.00 to $185.00 and gave the company a “market outperform” rating in a report on Thursday, August 7th. Twenty-four analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Shopify has an average rating of “Moderate Buy” and an average price target of $150.27.

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.