C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Purchases New Shares in Shopify Inc. (NYSE:SHOP)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in Shopify Inc. (NYSE:SHOPFree Report) (TSE:SHOP) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 5,052 shares of the software maker’s stock, valued at approximately $390,000.

Other large investors have also recently made changes to their positions in the company. Baillie Gifford & Co. boosted its stake in shares of Shopify by 2.3% during the 4th quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock worth $4,998,476,000 after purchasing an additional 1,419,749 shares during the period. Vanguard Group Inc. lifted its stake in shares of Shopify by 3.0% during the 4th quarter. Vanguard Group Inc. now owns 42,168,291 shares of the software maker’s stock worth $3,284,910,000 after acquiring an additional 1,242,067 shares during the last quarter. Capital World Investors boosted its holdings in Shopify by 28.7% during the 4th quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock valued at $3,071,197,000 after acquiring an additional 8,789,411 shares during the period. Capital International Investors grew its position in Shopify by 9.7% in the 4th quarter. Capital International Investors now owns 15,849,638 shares of the software maker’s stock valued at $1,235,534,000 after acquiring an additional 1,399,562 shares during the last quarter. Finally, Norges Bank purchased a new stake in Shopify in the fourth quarter worth $1,049,089,000. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on SHOP shares. Evercore ISI upgraded shares of Shopify from an “in-line” rating to an “outperform” rating and set a $75.00 price target on the stock in a report on Friday, June 14th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Shopify from $95.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, May 9th. JMP Securities raised Shopify from a “market perform” rating to an “outperform” rating and set a $80.00 price objective on the stock in a research note on Thursday, May 9th. CIBC decreased their target price on Shopify from $100.00 to $85.00 and set an “outperformer” rating for the company in a research report on Thursday, May 9th. Finally, TD Securities lowered their price objective on shares of Shopify from $80.00 to $72.00 and set a “hold” rating for the company in a research note on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat, Shopify presently has an average rating of “Moderate Buy” and an average target price of $76.42.

Read Our Latest Stock Analysis on Shopify

Shopify Stock Performance

NYSE SHOP traded down $0.52 during mid-day trading on Wednesday, reaching $65.61. 6,985,848 shares of the stock were exchanged, compared to its average volume of 10,102,350. The company has a market capitalization of $84.55 billion, a P/E ratio of -383.24, a P/E/G ratio of 3.38 and a beta of 2.30. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.14 and a current ratio of 7.14. The business’s 50 day moving average is $63.47 and its 200-day moving average is $72.49. Shopify Inc. has a 1 year low of $45.50 and a 1 year high of $91.57.

Shopify (NYSE:SHOPGet Free Report) (TSE:SHOP) last posted its earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.04. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. The business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.84 billion. On average, equities research analysts forecast that Shopify Inc. will post 0.61 EPS for the current fiscal 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.

See Also

Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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