Transcend Capital Advisors LLC Raises Stock Holdings in Shopify Inc. $SHOP

Transcend Capital Advisors LLC increased its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 9.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,733 shares of the software maker’s stock after buying an additional 724 shares during the quarter. Transcend Capital Advisors LLC’s holdings in Shopify were worth $1,007,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in SHOP. Brighton Jones LLC increased its position in Shopify by 2.8% during the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock valued at $2,252,000 after purchasing an additional 584 shares during the period. GAMMA Investing LLC increased its position in Shopify by 80.0% during the 1st quarter. GAMMA Investing LLC now owns 963 shares of the software maker’s stock valued at $92,000 after purchasing an additional 428 shares during the period. Diversified Trust Co increased its position in Shopify by 107.2% during the 1st quarter. Diversified Trust Co now owns 5,440 shares of the software maker’s stock valued at $519,000 after purchasing an additional 2,815 shares during the period. Sovran Advisors LLC purchased a new position in Shopify during the 1st quarter valued at $245,000. Finally, Essex Financial Services Inc. purchased a new position in Shopify during the 1st quarter valued at $364,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Price Performance

Shares of Shopify stock opened at $178.96 on Wednesday. The stock has a market cap of $232.59 billion, a price-to-earnings ratio of 99.98, a PEG ratio of 8.20 and a beta of 2.72. The firm’s 50-day moving average is $151.36 and its 200 day moving average is $125.64. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $179.60.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. The company had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.55 billion. Shopify had a net margin of 23.42% and a return on equity of 12.30%. Shopify’s revenue was up 31.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.26 EPS. On average, equities analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SHOP. Arete reissued a “neutral” rating on shares of Shopify in a research report on Wednesday, July 23rd. Bank of America upped their target price on shares of Shopify from $110.00 to $185.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Zacks Research raised shares of Shopify from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 14th. Scotiabank reaffirmed a “sector perform” rating and issued a $150.00 target price (up from $115.00) on shares of Shopify in a research report on Thursday, August 7th. Finally, Barclays upped their target price on shares of Shopify from $94.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, twenty-two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $154.68.

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.