Mirae Asset Global Investments Co. Ltd. grew its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 3.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 190,371 shares of the software maker's stock after acquiring an additional 7,009 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Shopify were worth $15,079,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of SHOP. Oliver Lagore Vanvalin Investment Group grew its stake in shares of Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker's stock worth $26,000 after acquiring an additional 200 shares in the last quarter. Cultivar Capital Inc. acquired a new stake in Shopify in the second quarter valued at approximately $33,000. Hazlett Burt & Watson Inc. purchased a new position in Shopify in the second quarter worth approximately $33,000. Redmont Wealth Advisors LLC acquired a new position in Shopify during the 1st quarter worth approximately $42,000. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Shopify in the 2nd quarter valued at $39,000. Institutional investors and hedge funds own 69.27% of the company's stock.
Analysts Set New Price Targets
SHOP has been the topic of several recent analyst reports. Truist Financial dropped their target price on Shopify from $65.00 to $55.00 and set a "hold" rating on the stock in a report on Tuesday, August 6th. Benchmark reissued a "hold" rating on shares of Shopify in a research report on Tuesday, August 6th. Morgan Stanley upped their price target on Shopify from $80.00 to $85.00 and gave the company an "overweight" rating in a report on Thursday, August 8th. Piper Sandler reissued a "neutral" rating and set a $67.00 price objective on shares of Shopify in a report on Thursday, August 29th. Finally, Bank of America upgraded shares of Shopify from a "neutral" rating to a "buy" rating and upped their target price for the company from $78.00 to $82.00 in a report on Tuesday, July 16th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Shopify presently has an average rating of "Moderate Buy" and an average target price of $80.21.
Check Out Our Latest Research Report on Shopify
Shopify Trading Down 1.0 %
NYSE SHOP traded down $0.77 on Friday, hitting $79.05. 3,834,492 shares of the stock were exchanged, compared to its average volume of 9,176,214. The company's 50-day moving average price is $77.13 and its two-hundred day moving average price is $69.04. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. Shopify Inc. has a 52-week low of $45.50 and a 52-week high of $91.57. The company has a market capitalization of $101.87 billion, a price-to-earnings ratio of -465.00, a P/E/G ratio of 2.73 and a beta of 2.36.
Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, beating analysts' consensus estimates 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 return on equity of 10.88% and a net margin of 16.40%. Shopify's revenue for the quarter was up 20.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.08) earnings per share. Research analysts predict that Shopify Inc. will post 0.76 EPS for the current year.
About Shopify
(
Free Report)
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.
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