Dixon Mitchell Investment Counsel Inc. Boosts Stake in Shopify Inc. (NYSE:SHOP)

Dixon Mitchell Investment Counsel Inc. lifted its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 112.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 202,527 shares of the software maker's stock after buying an additional 107,214 shares during the period. Dixon Mitchell Investment Counsel Inc.'s holdings in Shopify were worth $16,243,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Claro Advisors LLC bought a new position in Shopify during the 3rd quarter valued at about $96,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Shopify by 1.2% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 16,079 shares of the software maker's stock valued at $1,289,000 after purchasing an additional 194 shares during the last quarter. Bleakley Financial Group LLC grew its holdings in Shopify by 26.7% during the 3rd quarter. Bleakley Financial Group LLC now owns 17,113 shares of the software maker's stock valued at $1,371,000 after purchasing an additional 3,610 shares during the last quarter. Global Retirement Partners LLC grew its holdings in Shopify by 4.4% during the 3rd quarter. Global Retirement Partners LLC now owns 10,651 shares of the software maker's stock valued at $854,000 after purchasing an additional 449 shares during the last quarter. Finally, Wolff Wiese Magana LLC grew its holdings in Shopify by 5.4% during the 3rd quarter. Wolff Wiese Magana LLC now owns 2,974 shares of the software maker's stock valued at $238,000 after purchasing an additional 152 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Performance

SHOP stock traded up $1.05 during midday trading on Friday, hitting $82.68. 3,862,207 shares of the stock traded hands, compared to its average volume of 9,290,721. The firm has a market cap of $106.55 billion, a P/E ratio of 84.37, a PEG ratio of 2.80 and a beta of 2.36. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. The stock's fifty day simple moving average is $76.26 and its 200-day simple moving average is $68.87. Shopify Inc. has a 1-year low of $45.50 and a 1-year high of $91.57.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.06. The business had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.01 billion. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The company's revenue was up 20.7% compared to the same quarter last year. During the same period last year, the firm posted ($0.08) earnings per share. On average, analysts expect that Shopify Inc. will post 0.76 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SHOP. Morgan Stanley upped their target price on shares of Shopify from $80.00 to $85.00 and gave the stock an "overweight" rating in a research note on Thursday, August 8th. Redburn Atlantic upgraded shares of Shopify from a "neutral" rating to a "buy" rating and set a $99.00 target price on the stock in a research note on Tuesday, September 17th. Wolfe Research began coverage on shares of Shopify in a research note on Tuesday, July 16th. They issued an "outperform" rating and a $80.00 target price on the stock. Loop Capital upped their target price on shares of Shopify from $80.00 to $90.00 and gave the stock a "hold" rating in a research note on Wednesday, October 9th. Finally, Piper Sandler restated a "neutral" rating and issued a $67.00 target price on shares of Shopify in a research note on Thursday, August 29th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $79.36.

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.