Oppenheimer Asset Management Inc. Buys 183,526 Shares of Shopify Inc. (NYSE:SHOP)

Oppenheimer Asset Management Inc. grew its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1,021.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 201,499 shares of the software maker’s stock after acquiring an additional 183,526 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Shopify were worth $13,309,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of SHOP. Dimensional Fund Advisors LP increased its stake in Shopify by 9.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 469,529 shares of the software maker’s stock worth $36,576,000 after purchasing an additional 41,205 shares in the last quarter. Janney Montgomery Scott LLC increased its position in shares of Shopify by 7.1% during the fourth quarter. Janney Montgomery Scott LLC now owns 101,395 shares of the software maker’s stock worth $7,899,000 after acquiring an additional 6,713 shares in the last quarter. Foundations Investment Advisors LLC raised its holdings in shares of Shopify by 41.2% during the fourth quarter. Foundations Investment Advisors LLC now owns 9,144 shares of the software maker’s stock worth $702,000 after acquiring an additional 2,666 shares during the period. Quadrant Capital Group LLC lifted its position in Shopify by 2.4% in the 4th quarter. Quadrant Capital Group LLC now owns 7,371 shares of the software maker’s stock valued at $574,000 after acquiring an additional 173 shares in the last quarter. Finally, Kingsview Wealth Management LLC boosted its stake in Shopify by 5.5% in the 4th quarter. Kingsview Wealth Management LLC now owns 26,004 shares of the software maker’s stock worth $2,026,000 after purchasing an additional 1,363 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently commented on SHOP shares. DZ Bank lowered Shopify from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Wells Fargo & Company upped their price target on Shopify from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $85.00 price target on shares of Shopify in a research note on Thursday, August 8th. Piper Sandler reissued a “neutral” rating and issued a $67.00 price objective on shares of Shopify in a research report on Thursday, August 29th. Finally, Morgan Stanley raised their price objective on Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have given 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 $77.37.

Shopify Stock Up 1.6 %

Shares of NYSE:SHOP opened at $72.45 on Friday. The company has a market capitalization of $93.36 billion, a price-to-earnings ratio of -426.18, a P/E/G ratio of 2.40 and a beta of 2.35. The business’s 50-day moving average is $67.38 and its 200-day moving average is $68.36. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. Shopify Inc. has a 1 year low of $45.50 and a 1 year high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results 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. 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 analyst estimates of $2.01 billion. During the same period in the prior year, the firm earned ($0.08) earnings per share. Shopify’s revenue was up 20.7% on a year-over-year basis. Equities research analysts predict that Shopify Inc. will post 0.76 earnings per share for the current year.

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.