Octavia Wealth Advisors LLC Buys 1,451 Shares of Shopify Inc. (NYSE:SHOP)

Octavia Wealth Advisors LLC increased its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 22.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,916 shares of the software maker’s stock after acquiring an additional 1,451 shares during the period. Octavia Wealth Advisors LLC’s holdings in Shopify were worth $617,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Fairfield Bush & CO. bought a new position in Shopify during the 1st quarter valued at approximately $169,000. Raymond James Trust N.A. raised its position in shares of Shopify by 26.5% in the 1st quarter. Raymond James Trust N.A. now owns 754 shares of the software maker’s stock worth $510,000 after acquiring an additional 158 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Shopify by 2.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 30,166 shares of the software maker’s stock worth $20,391,000 after acquiring an additional 592 shares in the last quarter. Cetera Investment Advisers raised its position in shares of Shopify by 13.0% in the 1st quarter. Cetera Investment Advisers now owns 4,596 shares of the software maker’s stock worth $3,107,000 after acquiring an additional 527 shares in the last quarter. Finally, Sequoia Financial Advisors LLC raised its position in shares of Shopify by 89.6% in the 1st quarter. Sequoia Financial Advisors LLC now owns 436 shares of the software maker’s stock worth $295,000 after acquiring an additional 206 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

Shopify stock traded up $0.33 during trading on Tuesday, reaching $68.90. The company had a trading volume of 4,877,347 shares, compared to its average volume of 9,476,599. Shopify Inc. has a 52 week low of $45.50 and a 52 week high of $91.57. The firm’s 50-day simple moving average is $77.71 and its 200 day simple moving average is $71.66. The firm has a market capitalization of $88.64 billion, a price-to-earnings ratio of 761.75 and a beta of 2.22. The company has a current ratio of 6.99, a quick ratio of 6.99 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. The company had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.07 billion. Shopify had a return on equity of 4.48% and a net margin of 1.87%. Sell-side analysts forecast that Shopify Inc. will post 0.57 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Truist Financial increased their target price on Shopify from $65.00 to $90.00 and gave the stock a “hold” rating in a research report on Monday, February 12th. Piper Sandler restated an “underweight” rating and issued a $63.00 price target on shares of Shopify in a research note on Thursday, April 11th. Loop Capital cut their price target on Shopify from $90.00 to $80.00 and set a “hold” rating on the stock in a research note on Monday. CIBC upped their price target on Shopify from $82.00 to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. Finally, UBS Group upped their price target on Shopify from $75.00 to $80.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 14th. Three equities research analysts have rated the stock with a sell rating, twenty have given a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $78.00.

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.