Shopify Inc. $SHOP Stock Acquired by Kestra Advisory Services LLC

Kestra Advisory Services LLC boosted its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 7.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 110,920 shares of the software maker’s stock after purchasing an additional 7,789 shares during the quarter. Kestra Advisory Services LLC’s holdings in Shopify were worth $16,449,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Swiss National Bank grew its position in shares of Shopify by 27.0% during the 1st quarter. Swiss National Bank now owns 4,115,300 shares of the software maker’s stock worth $487,580,000 after buying an additional 876,100 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Shopify in the 3rd quarter valued at approximately $102,751,000. The Manufacturers Life Insurance Company boosted its stake in 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 last quarter. Bank of Nova Scotia boosted its stake in Shopify by 24.2% during the 1st quarter. Bank of Nova Scotia now owns 3,196,004 shares of the software maker’s stock worth $379,111,000 after acquiring an additional 621,893 shares during the last quarter. Finally, Nykredit A S bought a new position in Shopify during the 2nd quarter worth approximately $41,959,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Price Performance

Shares of Shopify stock opened at $148.91 on Monday. The firm has a market cap of $191.59 billion, a price-to-earnings ratio of 90.80, a price-to-earnings-growth ratio of 3.57 and a beta of 2.65. The stock’s 50-day moving average is $152.51 and its 200-day moving average is $130.07. Shopify Inc. has a one year low of $94.00 and a one year high of $180.88.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, November 3rd. The software maker reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.16. Shopify had a return on equity of 14.03% and a net margin of 15.01%. The business had revenue of $3.74 billion during the quarter. During the same quarter in the previous year, the business posted $0.34 earnings per share. The firm’s quarterly revenue was up 31.6% compared to the same quarter last year. On average, equities analysts expect that Shopify Inc. will post 1.47 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. DZ Bank cut shares of Shopify from a “strong-buy” rating to a “hold” rating in a report on Friday, August 7th. Benchmark lifted their price target on shares of Shopify from $145.00 to $170.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. The Goldman Sachs Group lifted their price target on shares of Shopify from $170.00 to $194.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Seaport Research Partners reissued a “buy” rating and issued a $180.00 price target on shares of Shopify in a report on Thursday, October 8th. Finally, Piper Sandler restated an “overweight” rating on shares of Shopify in a research report on Monday, October 5th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-eight have issued a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $178.82.

Shopify News Summary

Here are the key news stories impacting Shopify this week:

• Positive Sentiment: Shopify reported 32% year-over-year revenue growth to about $3.7 billion, GMV growth of 30% to $119 billion, and a 22% free-cash-flow margin. Coverage also highlighted a forecast for another quarter of 30%-plus growth as the holiday shopping season approaches. Article Article
• Positive Sentiment: Several analysts remain constructive: Morgan Stanley reiterated a buy call after the pullback, Argus reaffirmed its buy rating with a $180 target, and Wedbush and RBC issued Outperform ratings. UBS raised its target to $160, though it kept a Neutral rating. Article Article
• Positive Sentiment: Traders bought a large volume of Shopify call options, suggesting some market participants are positioning for a rebound, though options activity is not a guarantee of future performance. Article
• Negative Sentiment: One report says Shopify’s results included a slight miss, which may be overshadowing its growth and prompting investors to reassess its premium valuation. Article
• Negative Sentiment: Rosenblatt lowered its expectations for the stock, while Cantor Fitzgerald issued a pessimistic forecast, adding to near-term analyst caution. Article Article

Shopify Company Profile

Shopify is a commerce technology company that provides tools for businesses to create and operate online stores. Its platform supports activities such as product management, order processing, payments, shipping, marketing and customer engagement.

Shopify also offers point-of-sale tools for merchants selling in person, connecting retail operations with online sales. Its services are used by businesses of varying sizes and are available to merchants in countries around the world.

Founded in 2006, Shopify is headquartered in Ottawa, Canada.