42,100 Shares in Shopify Inc. (NYSE:SHOP) Purchased by Citizens Financial Group Inc. RI

Citizens Financial Group Inc. RI purchased a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 42,100 shares of the software maker’s stock, valued at approximately $2,781,000.

Other large investors have also bought and sold shares of the company. Total Clarity Wealth Management Inc. raised its holdings in shares of Shopify by 23.6% in the second quarter. Total Clarity Wealth Management Inc. now owns 4,140 shares of the software maker’s stock valued at $273,000 after purchasing an additional 790 shares during the last quarter. Menard Financial Group LLC grew its position in Shopify by 2.2% in the 2nd quarter. Menard Financial Group LLC now owns 10,991 shares of the software maker’s stock worth $726,000 after purchasing an additional 233 shares in the last quarter. Sierra Summit Advisors LLC increased its stake in Shopify by 3.9% in the 2nd quarter. Sierra Summit Advisors LLC now owns 123,881 shares of the software maker’s stock valued at $8,182,000 after buying an additional 4,624 shares during the last quarter. Financial Perspectives Inc lifted its position in shares of Shopify by 20.0% during the 2nd quarter. Financial Perspectives Inc now owns 18,222 shares of the software maker’s stock worth $1,204,000 after buying an additional 3,041 shares in the last quarter. Finally, Angeles Investment Advisors LLC boosted its stake in shares of Shopify by 34.7% in the 2nd quarter. Angeles Investment Advisors LLC now owns 9,989 shares of the software maker’s stock worth $660,000 after buying an additional 2,575 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Performance

Shopify stock opened at $73.59 on Tuesday. Shopify Inc. has a fifty-two week low of $45.50 and a fifty-two week high of $91.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. The stock has a market cap of $94.83 billion, a P/E ratio of -432.88, a price-to-earnings-growth ratio of 2.39 and a beta of 2.35. The firm’s fifty day moving average price is $67.50 and its 200-day moving average price is $68.28.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The business had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.01 billion. During the same quarter last year, the business posted ($0.08) earnings per share. The company’s revenue for the quarter was up 20.7% on a year-over-year basis. On average, equities research analysts expect that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently commented on the company. Evercore ISI increased their price target on Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Royal Bank of Canada reiterated an “outperform” rating and set a $85.00 target price on shares of Shopify in a research note on Thursday, August 8th. Citigroup reduced their price target on shares of Shopify from $97.00 to $90.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Evercore lifted their price objective on shares of Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. Finally, Roth Mkm increased their target price on shares of Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Shopify has a consensus rating of “Moderate Buy” and a consensus target price of $77.37.

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.