Shopify Inc. $SHOP Stock Purchased by Kestra Advisory Services LLC

Kestra Advisory Services LLC lifted its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 7.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 110,920 shares of the software maker’s stock after buying an additional 7,789 shares during the period. Kestra Advisory Services LLC’s holdings in Shopify were worth $16,449,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of SHOP. The Manufacturers Life Insurance Company increased its position in shares of Shopify by 8.5% in the first quarter. The Manufacturers Life Insurance Company now owns 8,418,903 shares of the software maker’s stock valued at $998,137,000 after acquiring an additional 660,198 shares during the last quarter. Swiss National Bank boosted its position in Shopify by 27.0% during the first quarter. Swiss National Bank now owns 4,115,300 shares of the software maker’s stock valued at $487,580,000 after purchasing an additional 876,100 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Shopify by 4.8% during the first quarter. Bank of New York Mellon Corp now owns 3,495,964 shares of the software maker’s stock valued at $414,691,000 after purchasing an additional 159,873 shares during the last quarter. Amova Asset Management Americas Inc. boosted its position in Shopify by 5.0% during the first quarter. Amova Asset Management Americas Inc. now owns 3,458,265 shares of the software maker’s stock valued at $410,219,000 after purchasing an additional 165,080 shares during the last quarter. Finally, Amundi grew its stake in Shopify by 2.7% in the first quarter. Amundi now owns 3,200,943 shares of the software maker’s stock valued at $379,696,000 after purchasing an additional 84,971 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify News Roundup

Here are the key news stories impacting Shopify this week:

• Positive Sentiment: Shopify reported 32% year-over-year revenue growth to about $3.7 billion, GMV growth of 30% to $119 billion, and a 22% free-cash-flow margin. Coverage also highlighted a forecast for another quarter of 30%-plus growth as the holiday shopping season approaches. Article Article
• Positive Sentiment: Several analysts remain constructive: Morgan Stanley reiterated a buy call after the pullback, Argus reaffirmed its buy rating with a $180 target, and Wedbush and RBC issued Outperform ratings. UBS raised its target to $160, though it kept a Neutral rating. Article Article
• Positive Sentiment: Traders bought a large volume of Shopify call options, suggesting some market participants are positioning for a rebound, though options activity is not a guarantee of future performance. Article
• Negative Sentiment: One report says Shopify’s results included a slight miss, which may be overshadowing its growth and prompting investors to reassess its premium valuation. Article
• Negative Sentiment: Rosenblatt lowered its expectations for the stock, while Cantor Fitzgerald issued a pessimistic forecast, adding to near-term analyst caution. Article Article

Shopify Stock Performance

SHOP opened at $148.91 on Monday. Shopify Inc. has a 1-year low of $94.00 and a 1-year high of $180.88. The stock’s fifty day simple moving average is $152.51 and its 200 day simple moving average is $130.07. The stock has a market cap of $191.59 billion, a PE ratio of 90.80, a price-to-earnings-growth ratio of 3.57 and a beta of 2.65.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, November 3rd. The software maker reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.16. The firm had revenue of $3.74 billion during the quarter. Shopify had a net margin of 15.01% and a return on equity of 14.03%. The company’s revenue for the quarter was up 31.6% compared to the same quarter last year. During the same period last year, the firm earned $0.34 earnings per share. Equities analysts forecast that Shopify Inc. will post 1.47 earnings per share for the current year.

Wall Street Analyst Weigh In

SHOP has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft boosted their price target on Shopify from $175.00 to $185.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. BMO Capital Markets set a $165.00 price objective on Shopify and gave the company an “outperform” rating in a report on Thursday, August 6th. Mizuho set a $180.00 target price on shares of Shopify in a research note on Thursday, September 24th. The Goldman Sachs Group boosted their target price on shares of Shopify from $170.00 to $194.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $205.00 price target (up from $175.00) on shares of Shopify in a research report on Friday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, thirty-eight have given a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $178.82.

About Shopify

Shopify is a commerce technology company that provides tools for businesses to create and operate online stores. Its platform supports activities such as product management, order processing, payments, shipping, marketing and customer engagement.

Shopify also offers point-of-sale tools for merchants selling in person, connecting retail operations with online sales. Its services are used by businesses of varying sizes and are available to merchants in countries around the world.

Founded in 2006, Shopify is headquartered in Ottawa, Canada.