D.A. Davidson & CO. Has $18.60 Million Position in Shopify Inc. $SHOP

D.A. Davidson & CO. grew its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 103.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 161,212 shares of the software maker’s stock after buying an additional 81,933 shares during the quarter. D.A. Davidson & CO.’s holdings in Shopify were worth $18,596,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Family Legacy Financial Solutions LLC acquired a new position in Shopify during the 2nd quarter worth approximately $25,000. Tradewinds Capital Management LLC increased its position in Shopify by 71.4% during the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock worth $28,000 after purchasing an additional 100 shares in the last quarter. Coastline Trust Co acquired a new position in Shopify during the 2nd quarter worth approximately $29,000. Global Wealth Strategies & Associates increased its position in Shopify by 182.8% during the 2nd quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker’s stock worth $30,000 after purchasing an additional 170 shares in the last quarter. Finally, Smithfield Trust Co increased its position in Shopify by 149.2% during the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock worth $30,000 after purchasing an additional 188 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Performance

NASDAQ:SHOP opened at $162.01 on Thursday. The firm’s fifty day moving average is $148.84 and its 200-day moving average is $122.57. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $169.69. The firm has a market cap of $210.56 billion, a P/E ratio of 90.51, a P/E/G ratio of 7.61 and a beta of 2.72.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The company had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. During the same period in the prior year, the firm posted $0.26 EPS. The company’s quarterly revenue was up 31.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SHOP has been the subject of a number of research analyst reports. ATB Capital cut shares of Shopify to a “sector perform” rating in a research report on Thursday, August 7th. Wedbush upped their price objective on shares of Shopify from $115.00 to $160.00 and gave the stock an “outperform” rating in a research report on Thursday, August 7th. Mizuho boosted their target price on shares of Shopify from $85.00 to $150.00 and gave the stock a “neutral” rating in a report on Thursday, August 7th. Cantor Fitzgerald set a $156.00 price target on shares of Shopify and gave the company a “neutral” rating in a research report on Wednesday, August 27th. Finally, Oppenheimer restated an “outperform” rating and issued a $149.00 price target on shares of Shopify in a research report on Tuesday, September 30th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twenty-two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $152.76.

Shopify 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.