546 Shares in Shopify Inc. (NYSE:SHOP) Acquired by Redmont Wealth Advisors LLC

Redmont Wealth Advisors LLC bought a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 546 shares of the software maker’s stock, valued at approximately $42,000.

Several other large investors also recently bought and sold shares of SHOP. Northern Trust Corp grew its position in Shopify by 4.3% during the 3rd quarter. Northern Trust Corp now owns 538,465 shares of the software maker’s stock worth $29,384,000 after purchasing an additional 22,315 shares during the last quarter. Axxcess Wealth Management LLC boosted its holdings in shares of Shopify by 48.6% in the 3rd quarter. Axxcess Wealth Management LLC now owns 12,555 shares of the software maker’s stock valued at $685,000 after acquiring an additional 4,104 shares during the last quarter. EULAV Asset Management boosted its holdings in shares of Shopify by 10.1% in the 3rd quarter. EULAV Asset Management now owns 109,000 shares of the software maker’s stock valued at $5,948,000 after acquiring an additional 10,000 shares during the last quarter. Lido Advisors LLC boosted its holdings in shares of Shopify by 1.8% in the 3rd quarter. Lido Advisors LLC now owns 24,284 shares of the software maker’s stock valued at $1,325,000 after acquiring an additional 436 shares during the last quarter. Finally, Legal & General Group Plc boosted its holdings in shares of Shopify by 6.5% in the 3rd quarter. Legal & General Group Plc now owns 6,196,285 shares of the software maker’s stock valued at $339,750,000 after acquiring an additional 377,901 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of NYSE:SHOP traded up $0.72 during midday trading on Wednesday, hitting $66.78. The company’s stock had a trading volume of 3,930,903 shares, compared to its average volume of 10,227,135. The stock has a market capitalization of $86.06 billion, a price-to-earnings ratio of -393.71, a PEG ratio of 3.32 and a beta of 2.30. The stock’s 50 day simple moving average is $63.92 and its 200 day simple moving average is $72.83. Shopify Inc. has a fifty-two week low of $45.50 and a fifty-two week high of $91.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.14 and a current ratio of 7.14.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.04. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. The business had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.84 billion. As a group, research analysts anticipate that Shopify Inc. will post 0.61 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. StockNews.com raised shares of Shopify from a “sell” rating to a “hold” rating in a report on Wednesday, April 24th. Royal Bank of Canada decreased their target price on shares of Shopify from $100.00 to $85.00 and set an “outperform” rating for the company in a research note on Thursday, May 9th. Citigroup boosted their target price on shares of Shopify from $95.00 to $96.00 and gave the company a “buy” rating in a research note on Wednesday, June 26th. The Goldman Sachs Group boosted their target price on shares of Shopify from $67.00 to $74.00 and gave the company a “buy” rating in a research note on Tuesday, May 28th. Finally, Evercore ISI upgraded shares of Shopify from an “in-line” rating to an “outperform” rating and set a $75.00 target price for the company in a research note on Friday, June 14th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat, Shopify presently has an average rating of “Moderate Buy” and a consensus target price of $76.42.

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.