Global Wealth Management Investment Advisory Inc. Raises Stock Position in Shopify Inc. (NYSE:SHOP)

Global Wealth Management Investment Advisory Inc. raised its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 30.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,398 shares of the software maker’s stock after purchasing an additional 5,742 shares during the period. Global Wealth Management Investment Advisory Inc.’s holdings in Shopify were worth $1,955,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. Oliver Lagore Vanvalin Investment Group grew its stake in Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after acquiring an additional 200 shares during the period. Rosenberg Matthew Hamilton increased its stake in shares of Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after acquiring an additional 133 shares during the last quarter. Cultivar Capital Inc. acquired a new stake in shares of Shopify in the second quarter worth approximately $33,000. Hazlett Burt & Watson Inc. purchased a new stake in Shopify in the second quarter valued at approximately $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in Shopify during the second quarter worth approximately $39,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Performance

Shares of NYSE SHOP traded up $0.23 during mid-day trading on Tuesday, hitting $78.67. The company had a trading volume of 433,487 shares, compared to its average volume of 9,002,313. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $91.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. The firm’s 50 day simple moving average is $77.61 and its two-hundred day simple moving average is $69.45. The stock has a market cap of $101.51 billion, a price-to-earnings ratio of 80.04, a PEG ratio of 2.64 and a beta of 2.36.

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

Analyst Ratings Changes

A number of analysts have recently commented on the company. Morgan Stanley upped their price objective on Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Wedbush reaffirmed a “neutral” rating and issued a $72.00 price objective (up from $68.00) on shares of Shopify in a research note on Wednesday, August 7th. Loop Capital increased their target price on shares of Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Scotiabank lifted their price target on shares of Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research report on Thursday, October 24th. Finally, Bank of America raised shares of Shopify from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $78.00 to $82.00 in a research report on Tuesday, July 16th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $81.03.

About Shopify

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.