Zweig DiMenna Associates LLC Takes Position in Shopify Inc. (NYSE:SHOP)

Zweig DiMenna Associates LLC purchased a new stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the third quarter, according to its most recent filing with the SEC. The firm purchased 7,400 shares of the software maker’s stock, valued at approximately $593,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Oliver Lagore Vanvalin Investment Group lifted its position in shares of 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 acquiring an additional 200 shares during the period. Cultivar Capital Inc. acquired a new stake in shares of Shopify during the 2nd quarter valued at approximately $33,000. Hazlett Burt & Watson Inc. acquired a new stake in shares of Shopify during the 2nd quarter valued at approximately $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Shopify during the 2nd quarter valued at approximately $39,000. Finally, HighMark Wealth Management LLC raised its position in shares of Shopify by 63.3% during the 2nd quarter. HighMark Wealth Management LLC now owns 601 shares of the software maker’s stock worth $40,000 after purchasing an additional 233 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SHOP has been the subject of several research reports. Citigroup lifted their price objective on Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. KeyCorp initiated coverage on Shopify in a research report on Thursday, July 25th. They set an “overweight” rating and a $80.00 price objective for the company. Evercore lifted their price objective on Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. Piper Sandler restated a “neutral” rating and set a $67.00 price objective on shares of Shopify in a research report on Thursday, August 29th. Finally, Evercore ISI lifted their price objective on Shopify from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and a consensus price target of $79.49.

Shopify Trading Up 0.2 %

NYSE SHOP opened at $79.83 on Friday. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The company’s fifty day simple moving average is $76.94 and its 200-day simple moving average is $69.00. The stock has a market cap of $102.87 billion, a P/E ratio of -469.56, a PEG ratio of 2.73 and a beta of 2.36. Shopify Inc. has a 52 week low of $45.50 and a 52 week high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.06. The company had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. Shopify’s revenue for the quarter was up 20.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.08) EPS. Equities research analysts predict that Shopify Inc. will post 0.76 EPS for the current fiscal 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.