Biondo Investment Advisors LLC Grows Stock Position in Shopify Inc. $SHOP

Biondo Investment Advisors LLC lifted its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 0.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,079 shares of the software maker’s stock after purchasing an additional 255 shares during the quarter. Biondo Investment Advisors LLC’s holdings in Shopify were worth $2,776,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of SHOP. Fourth Dimension Wealth LLC purchased a new stake in shares of Shopify during the fourth quarter worth approximately $30,000. Smithfield Trust Co raised its stake in shares of Shopify by 149.2% during the first quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock worth $30,000 after purchasing an additional 188 shares during the last quarter. Dagco Inc. purchased a new stake in shares of Shopify during the first quarter worth approximately $30,000. Cary Street Partners Investment Advisory LLC raised its stake in shares of Shopify by 86.8% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker’s stock worth $34,000 after purchasing an additional 165 shares during the last quarter. Finally, Accent Capital Management LLC purchased a new stake in shares of Shopify during the first quarter worth approximately $46,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Up 4.0%

SHOP opened at $142.11 on Friday. The firm has a market cap of $184.69 billion, a P/E ratio of 91.68, a PEG ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 52 week low of $65.86 and a 52 week high of $156.85. The business’s fifty day simple moving average is $124.55 and its 200 day simple moving average is $109.92.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. The business had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. Shopify had a return on equity of 12.00% and a net margin of 22.74%.The business’s revenue for the quarter was up 31.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.26 earnings per share. As a group, equities analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. BMO Capital Markets increased their price objective on Shopify from $120.00 to $180.00 and gave the stock an “outperform” rating in a research report on Thursday, August 7th. Canaccord Genuity Group increased their price objective on Shopify from $115.00 to $165.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Barclays increased their price objective on Shopify from $94.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 7th. BNP Paribas cut Shopify from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 5th. Finally, Arete reiterated a “neutral” rating on shares of Shopify in a research report on Wednesday, July 23rd. Twenty-four research analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $148.51.

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.