Guardian Asset Advisors LLC Grows Holdings in Shopify Inc. $SHOP

Guardian Asset Advisors LLC raised its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 1.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,097 shares of the software maker’s stock after purchasing an additional 160 shares during the period. Guardian Asset Advisors LLC’s holdings in Shopify were worth $1,280,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Shopify by 171.3% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker’s stock valued at $48,827,000 after purchasing an additional 267,271 shares in the last quarter. ARK Investment Management LLC lifted its holdings in shares of Shopify by 13.6% during the 2nd quarter. ARK Investment Management LLC now owns 5,049,508 shares of the software maker’s stock worth $582,461,000 after acquiring an additional 605,283 shares during the period. Worth Asset Management LLC purchased a new position in shares of Shopify during the 2nd quarter worth about $236,000. Avior Wealth Management LLC lifted its holdings in shares of Shopify by 32.6% during the 2nd quarter. Avior Wealth Management LLC now owns 13,609 shares of the software maker’s stock worth $1,570,000 after acquiring an additional 3,347 shares during the period. Finally, 111 Capital purchased a new position in shares of Shopify during the 2nd quarter worth about $1,719,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Performance

NASDAQ SHOP opened at $167.03 on Friday. Shopify Inc. has a one year low of $69.84 and a one year high of $169.69. The company’s 50 day moving average price is $149.30 and its 200 day moving average price is $123.18. The firm has a market capitalization of $217.08 billion, a price-to-earnings ratio of 93.31, a PEG ratio of 7.58 and a beta of 2.72.

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

Analyst Ratings Changes

SHOP has been the topic of several recent analyst reports. JMP Securities increased their price objective on shares of Shopify from $135.00 to $185.00 and gave the stock a “market outperform” rating in a report on Thursday, August 7th. BMO Capital Markets increased their price objective on shares of Shopify from $120.00 to $180.00 and gave the stock an “outperform” rating in a report on Thursday, August 7th. Royal Bank Of Canada increased their price objective on shares of Shopify from $170.00 to $200.00 and gave the stock an “outperform” rating in a report on Friday, October 17th. KeyCorp reiterated an “overweight” rating and set a $175.00 price objective (up from $145.00) on shares of Shopify in a report on Thursday, August 7th. Finally, Needham & Company LLC started coverage on shares of Shopify in a report on Monday, July 14th. They issued a “buy” rating and a $135.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twenty-two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and an average target price of $153.30.

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.