3,237 Shopify Inc. $SHOP Shares Acquired by Park Avenue Securities LLC

Park Avenue Securities LLC boosted its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 8.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 41,556 shares of the software maker’s stock after buying an additional 3,237 shares during the quarter. Park Avenue Securities LLC’s holdings in Shopify were worth $6,163,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in SHOP. The Manufacturers Life Insurance Company grew its stake in shares of Shopify by 8.5% during the 1st quarter. The Manufacturers Life Insurance Company now owns 8,418,903 shares of the software maker’s stock worth $998,137,000 after acquiring an additional 660,198 shares during the period. Swiss National Bank increased its holdings in Shopify by 27.0% in the 1st quarter. Swiss National Bank now owns 4,115,300 shares of the software maker’s stock worth $487,580,000 after acquiring an additional 876,100 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in Shopify by 4.1% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,678,602 shares of the software maker’s stock worth $436,356,000 after acquiring an additional 145,500 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Shopify by 4.8% in the 1st quarter. Bank of New York Mellon Corp now owns 3,495,964 shares of the software maker’s stock valued at $414,691,000 after acquiring an additional 159,873 shares during the period. Finally, Amova Asset Management Americas Inc. raised its stake in Shopify by 5.0% in the 1st quarter. Amova Asset Management Americas Inc. now owns 3,458,265 shares of the software maker’s stock valued at $410,219,000 after acquiring an additional 165,080 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. ATB Cormark Capital Markets downgraded shares of Shopify from a “moderate buy” rating to a “hold” rating in a report on Thursday, October 22nd. Wedbush reiterated an “outperform” rating and issued a $176.00 target price on shares of Shopify in a research note on Wednesday, September 23rd. RBC Dominion Securities set a $200.00 target price on shares of Shopify and gave the stock an “outperform” rating in a research note on Friday, October 23rd. Oppenheimer reissued an “outperform” rating and issued a $205.00 price target (up from $175.00) on shares of Shopify in a research report on Friday, October 23rd. Finally, Truist Financial set a $180.00 price target on shares of Shopify and gave the company a “buy” rating in a research note on Wednesday, August 5th. Three analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, Shopify has a consensus rating of “Moderate Buy” and a consensus price target of $177.79.

Shopify Price Performance

Shares of NASDAQ SHOP opened at $168.22 on Thursday. The stock has a market cap of $216.44 billion, a PE ratio of 113.66, a price-to-earnings-growth ratio of 3.48 and a beta of 2.62. Shopify Inc. has a fifty-two week low of $94.00 and a fifty-two week high of $182.19. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.35 and a current ratio of 5.35. The stock has a fifty day moving average of $152.16 and a 200-day moving average of $130.30.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Wednesday, August 5th. The software maker reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. The company had revenue of $3.58 billion for the quarter. Shopify had a return on equity of 12.58% and a net margin of 14.53%. The business’s revenue for the quarter was up 33.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.69 earnings per share. Equities research analysts anticipate that Shopify Inc. will post 1.46 earnings per share for the current year.

About Shopify

Shopify Inc is a commerce technology company that provides tools for businesses of various sizes to start, operate and grow online and in physical retail environments. Its platform supports online storefronts, product and inventory management, order processing, marketing, analytics and customer engagement.

The company offers subscription-based plans and merchant solutions, including Shopify Payments, Shopify POS, Shopify Capital and tools for shipping, checkout and fulfillment. Shopify also supports sales through multiple channels, such as merchants’ own websites, mobile devices, social media and third-party marketplaces.

Shopify was founded in 2006 by Tobias Lütke, Daniel Weinand and Scott Lake after the founders developed an online store for snowboarding equipment.