Ashton Thomas Securities LLC Takes $1.91 Million Position in Shopify Inc. $SHOP

Ashton Thomas Securities LLC bought a new position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 12,854 shares of the software maker’s stock, valued at approximately $1,910,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Shopify in the second quarter valued at approximately $1,794,952,000. Jennison Associates LLC boosted its holdings in shares of Shopify by 118.1% in the 2nd quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker’s stock valued at $1,328,787,000 after buying an additional 6,238,829 shares in the last quarter. Brown Advisory Inc. boosted its holdings in shares of Shopify by 5,193.6% in the 2nd quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker’s stock valued at $238,419,000 after buying an additional 2,027,839 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Shopify by 19.9% in the 2nd quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock valued at $1,247,007,000 after buying an additional 1,781,530 shares during the last quarter. Finally, Picton Mahoney Asset Management raised its stake in Shopify by 246,359.0% during the 2nd quarter. Picton Mahoney Asset Management now owns 1,759,717 shares of the software maker’s stock worth $202,146,000 after acquiring an additional 1,759,003 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Down 0.3%

NASDAQ SHOP opened at $167.44 on Wednesday. The stock has a market capitalization of $217.98 billion, a P/E ratio of 124.03, a P/E/G ratio of 4.99 and a beta of 2.83. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $182.19. The firm has a 50-day moving average price of $160.05 and a 200 day moving average price of $148.90.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $2.75 billion. On average, equities research analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have issued reports on SHOP shares. Scotiabank upgraded shares of Shopify from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $165.00 to $200.00 in a research note on Thursday, January 8th. TD Cowen reissued a “hold” rating and issued a $156.00 target price on shares of Shopify in a report on Friday, October 3rd. Royal Bank Of Canada restated an “outperform” rating and set a $200.00 price target on shares of Shopify in a research note on Wednesday, January 7th. Benchmark reiterated a “buy” rating on shares of Shopify in a research report on Wednesday, December 3rd. Finally, Bank of America upped their target price on shares of Shopify from $185.00 to $190.00 and gave the company a “buy” rating in a report on Wednesday, December 17th. Twenty-four equities research analysts have rated the stock with a Buy rating and twenty-one have assigned a Hold rating to the company. Based on data from MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and an average price target of $171.61.

Shopify Company Profile

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.