Carnegie Investment Counsel Increases Stake in Shopify Inc. $SHOP

Carnegie Investment Counsel raised its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 3.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 116,103 shares of the software maker’s stock after purchasing an additional 4,410 shares during the quarter. Carnegie Investment Counsel’s holdings in Shopify were worth $17,254,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently modified their holdings of the company. Heartwood Wealth Advisors LLC bought a new position in Shopify in the 3rd quarter worth approximately $27,000. Family Legacy Financial Solutions LLC purchased a new stake in shares of Shopify during the second quarter worth $25,000. Rothschild Investment LLC boosted its holdings in shares of Shopify by 47.5% in the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after acquiring an additional 75 shares during the period. Financial Gravity Companies Inc. purchased a new position in shares of Shopify in the second quarter valued at $27,000. Finally, Tradewinds Capital Management LLC raised its stake in shares of Shopify by 71.4% during the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after purchasing an additional 100 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Trading Up 0.8%

Shares of Shopify stock opened at $170.83 on Friday. The firm has a market capitalization of $222.39 billion, a PE ratio of 126.54, a price-to-earnings-growth ratio of 6.28 and a beta of 2.82. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $182.19. The business’s 50-day moving average price is $161.32 and its 200-day moving average price is $143.76.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. Shopify had a return on equity of 11.72% and a net margin of 16.65%.The company had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $2.75 billion. As a group, analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. TD Securities upgraded Shopify to a “hold” rating in a research note on Thursday, December 4th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Shopify in a research note on Monday. Stifel Nicolaus set a $175.00 target price on shares of Shopify in a research note on Tuesday, November 4th. Zacks Research downgraded shares of Shopify from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 12th. Finally, JPMorgan Chase & Co. upped their price target on shares of Shopify from $179.00 to $180.00 and gave the stock an “overweight” rating in a report on Wednesday, November 5th. Twenty-two analysts have rated the stock with a Buy rating and twenty-three have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $168.69.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.