Trifecta Capital Advisors LLC Purchases 3,000 Shares of Shopify Inc. $SHOP

Trifecta Capital Advisors LLC boosted its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 1,000.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,300 shares of the software maker’s stock after buying an additional 3,000 shares during the period. Trifecta Capital Advisors LLC’s holdings in Shopify were worth $381,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Shopify by 171.3% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker’s stock worth $48,827,000 after purchasing an additional 267,271 shares in the last quarter. Worth Asset Management LLC bought a new stake in shares of Shopify in the 2nd quarter worth $236,000. Avior Wealth Management LLC increased its holdings in shares of Shopify by 32.6% in the 2nd quarter. Avior Wealth Management LLC now owns 13,609 shares of the software maker’s stock worth $1,570,000 after purchasing an additional 3,347 shares in the last quarter. 111 Capital bought a new stake in shares of Shopify in the 2nd quarter worth $1,719,000. Finally, Integrity Alliance LLC. bought a new stake in shares of Shopify in the 1st quarter worth $211,000. Institutional investors own 69.27% of the company’s stock.

Shopify Trading Up 3.2%

Shares of SHOP stock opened at $166.43 on Thursday. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $169.69. The stock’s 50-day moving average price is $145.13 and its 200-day moving average price is $118.40. The stock has a market capitalization of $216.30 billion, a price-to-earnings ratio of 92.98, a price-to-earnings-growth ratio of 7.55 and a beta of 2.72.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The company had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.55 billion. During the same period in the previous year, the firm posted $0.26 earnings per share. The firm’s revenue for the quarter was up 31.1% on a year-over-year basis. As a group, research analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analyst Ratings Changes

SHOP has been the subject of several research analyst reports. TD Cowen reaffirmed a “hold” rating and issued a $156.00 price objective on shares of Shopify in a report on Friday, October 3rd. KeyCorp reaffirmed an “overweight” rating and issued a $175.00 price objective (up previously from $145.00) on shares of Shopify in a report on Thursday, August 7th. BMO Capital Markets lifted their price objective on Shopify from $120.00 to $180.00 and gave the stock an “outperform” rating in a report on Thursday, August 7th. Needham & Company LLC initiated coverage on Shopify in a report on Monday, July 14th. They issued a “buy” rating and a $135.00 price objective for the company. Finally, Bank of America lifted their price objective on Shopify from $110.00 to $185.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. Twenty-two analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $151.95.

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.