IAM Advisory LLC Acquires New Position in Shopify Inc. (NYSE:SHOP)

IAM Advisory LLC acquired a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 1,101 shares of the software maker’s stock, valued at approximately $1,494,000. Shopify accounts for 0.6% of IAM Advisory LLC’s investment portfolio, making the stock its 22nd largest holding.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD lifted its stake in shares of Shopify by 2.9% in the second quarter. Price T Rowe Associates Inc. MD now owns 2,851,069 shares of the software maker’s stock valued at $4,165,776,000 after purchasing an additional 79,031 shares during the period. Envestnet Asset Management Inc. raised its position in Shopify by 2.3% during the second quarter. Envestnet Asset Management Inc. now owns 108,486 shares of the software maker’s stock worth $158,495,000 after acquiring an additional 2,412 shares during the last quarter. Moors & Cabot Inc. raised its position in Shopify by 5.8% during the second quarter. Moors & Cabot Inc. now owns 1,492 shares of the software maker’s stock worth $2,180,000 after acquiring an additional 82 shares during the last quarter. Guardian Capital LP raised its position in Shopify by 3.3% during the second quarter. Guardian Capital LP now owns 77,341 shares of the software maker’s stock worth $113,227,000 after acquiring an additional 2,445 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its position in Shopify by 54.5% during the second quarter. Advisors Asset Management Inc. now owns 20,510 shares of the software maker’s stock worth $29,965,000 after acquiring an additional 7,233 shares during the last quarter. Hedge funds and other institutional investors own 59.83% of the company’s stock.

Shares of NYSE:SHOP opened at $1,628.70 on Thursday. The company has a current ratio of 13.97, a quick ratio of 13.97 and a debt-to-equity ratio of 0.10. Shopify Inc. has a 1 year low of $975.00 and a 1 year high of $1,762.92. The business has a fifty day simple moving average of $1,473.08 and a 200 day simple moving average of $1,436.23. The firm has a market cap of $203.20 billion, a price-to-earnings ratio of 60.70, a P/E/G ratio of 11.53 and a beta of 1.45.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Thursday, October 28th. The software maker reported $0.81 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.34. Shopify had a return on equity of 5.63% and a net margin of 81.00%. The company had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same period last year, the business posted $0.52 earnings per share. The firm’s revenue was up 46.4% compared to the same quarter last year. On average, sell-side analysts forecast that Shopify Inc. will post 4.01 EPS for the current year.

A number of equities analysts have issued reports on the stock. Canaccord Genuity lifted their target price on shares of Shopify from $1,350.00 to $1,450.00 and gave the stock a “hold” rating in a research report on Thursday, July 29th. TheStreet upgraded shares of Shopify from a “c+” rating to a “b” rating in a research report on Monday. Evercore ISI restated a “hold” rating on shares of Shopify in a research report on Sunday, October 31st. Rosenblatt Securities lifted their target price on shares of Shopify from $1,900.00 to $2,000.00 and gave the stock a “buy” rating in a research report on Thursday, July 29th. Finally, Credit Suisse Group boosted their price objective on shares of Shopify from $1,400.00 to $1,700.00 and gave the company a “neutral” rating in a research report on Thursday, July 29th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $1,621.78.

Shopify Company Profile

Shopify, Inc operates a cloud-based commerce platform designed for small and medium-sized businesses. Its software is used by merchants to run business across all sales channels, including web, tablet and mobile storefronts, social media storefronts, and brick-and-mortar and pop-up shops. The firm’s platform provides merchants with a single view of business and customers and enables them to manage products and inventory, process orders and payments, build customer relationships and leverage analytics and reporting.

Further Reading: Balance Sheet

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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