Blodgett Wealth Advisors LLC Takes Position in Shopify Inc. (NYSE:SHOP)

Blodgett Wealth Advisors LLC acquired a new stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 3,125 shares of the software maker’s stock, valued at approximately $243,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Capital Investment Advisors LLC increased its position in shares of Shopify by 3.5% in the 3rd quarter. Capital Investment Advisors LLC now owns 5,579 shares of the software maker’s stock valued at $304,000 after acquiring an additional 189 shares during the period. Exchange Traded Concepts LLC increased its position in shares of Shopify by 59.3% in the 3rd quarter. Exchange Traded Concepts LLC now owns 21,140 shares of the software maker’s stock valued at $1,154,000 after acquiring an additional 7,869 shares during the period. Counterpoint Mutual Funds LLC acquired a new position in shares of Shopify in the 3rd quarter valued at $111,000. Strategic Blueprint LLC increased its position in shares of Shopify by 5.8% in the 3rd quarter. Strategic Blueprint LLC now owns 6,129 shares of the software maker’s stock valued at $334,000 after acquiring an additional 337 shares during the period. Finally, UMB Bank n.a. increased its position in shares of Shopify by 2,081.0% in the 3rd quarter. UMB Bank n.a. now owns 82,988 shares of the software maker’s stock valued at $4,529,000 after acquiring an additional 79,183 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on SHOP shares. BNP Paribas downgraded Shopify from a “neutral” rating to an “underperform” rating in a research report on Thursday, January 18th. Loop Capital cut their price target on Shopify from $90.00 to $80.00 and set a “hold” rating on the stock in a research report on Monday, April 15th. National Bankshares increased their price target on Shopify from $80.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, January 26th. ATB Capital raised their target price on Shopify from $105.00 to $110.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 14th. Finally, Barclays dropped their target price on Shopify from $70.00 to $68.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 14th. Three equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $78.30.

Shopify Stock Up 1.1 %

Shares of NYSE:SHOP traded up $0.75 during trading on Friday, hitting $71.30. The company’s stock had a trading volume of 4,608,453 shares, compared to its average volume of 9,337,968. The business has a 50 day moving average price of $75.28 and a two-hundred day moving average price of $72.50. The company has a market capitalization of $91.73 billion, a PE ratio of 792.31 and a beta of 2.22. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99. Shopify Inc. has a fifty-two week low of $45.50 and a fifty-two week high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.04. The business had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.07 billion. Shopify had a net margin of 1.87% and a return on equity of 4.48%. As a group, research analysts expect that Shopify Inc. will post 0.58 EPS for the current fiscal 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.