Oppenheimer Asset Management Inc. Boosts Stock Position in Shopify Inc. (NYSE:SHOP)

Oppenheimer Asset Management Inc. raised its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 42.3% during the 3rd quarter, Holdings Channel reports. The firm owned 286,676 shares of the software maker’s stock after buying an additional 85,177 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Shopify were worth $22,974,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in SHOP. Oliver Lagore Vanvalin Investment Group grew its stake in Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after purchasing an additional 200 shares during the last quarter. Cultivar Capital Inc. purchased a new stake in shares of Shopify in the second quarter worth about $33,000. Hazlett Burt & Watson Inc. purchased a new stake in shares of Shopify in the second quarter worth about $33,000. Rosenberg Matthew Hamilton boosted its stake in shares of Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after buying an additional 133 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Shopify in the second quarter worth about $39,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SHOP. KeyCorp began coverage on Shopify in a research note on Thursday, July 25th. They issued an “overweight” rating and a $80.00 target price on the stock. Barclays upped their price target on Shopify from $65.00 to $70.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 1st. DZ Bank cut Shopify from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Robert W. Baird upped their price target on Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, Oppenheimer upped their price target on Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $87.34.

Shopify Price Performance

Shares of NYSE:SHOP traded up $2.17 during trading on Wednesday, hitting $111.09. 6,064,659 shares of the stock were exchanged, compared to its average volume of 9,267,561. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $114.51. The company has a market cap of $143.35 billion, a PE ratio of 113.19, a P/E/G ratio of 3.01 and a beta of 2.36. The company has a fifty day moving average price of $79.47 and a two-hundred day moving average price of $70.18.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, November 12th. The software maker reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.09. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The company had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.11 billion. On average, analysts forecast that Shopify Inc. will post 0.76 EPS for the current year.

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.