Sierra Summit Advisors LLC Boosts Stake in Shopify Inc. (NYSE:SHOP)

Sierra Summit Advisors LLC raised its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 123,881 shares of the software maker’s stock after acquiring an additional 4,624 shares during the period. Shopify makes up approximately 2.0% of Sierra Summit Advisors LLC’s investment portfolio, making the stock its 20th largest position. Sierra Summit Advisors LLC’s holdings in Shopify were worth $8,182,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. DSM Capital Partners LLC purchased a new stake in shares of Shopify in the fourth quarter valued at about $28,000. Jones Financial Companies Lllp purchased a new position in Shopify in the fourth quarter worth approximately $28,000. Cultivar Capital Inc. purchased a new stake in Shopify in the second quarter valued at $33,000. Hazlett Burt & Watson Inc. purchased a new position in shares of Shopify during the 2nd quarter worth $33,000. Finally, OLD Point Trust & Financial Services N A purchased a new position in Shopify during the fourth quarter worth about $39,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Price Performance

Shopify stock opened at $72.45 on Monday. The company has a market cap of $93.36 billion, a price-to-earnings ratio of -426.18, a PEG ratio of 2.39 and a beta of 2.35. The firm has a 50 day moving average price of $67.38 and a 200 day moving average price of $68.30. Shopify Inc. has a 1 year low of $45.50 and a 1 year 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.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, topping the consensus estimate of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The company had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.01 billion. During the same period in the prior year, the firm posted ($0.08) earnings per share. The firm’s revenue was up 20.7% on a year-over-year basis. Sell-side analysts predict that Shopify Inc. will post 0.76 earnings per share for the current year.

Wall Street Analyst Weigh In

SHOP has been the subject of several research reports. KeyCorp started coverage on shares of Shopify in a report on Thursday, July 25th. They issued an “overweight” rating and a $80.00 target price for the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $85.00 price objective on shares of Shopify in a report on Thursday, August 8th. Evercore raised their target price on Shopify from $75.00 to $80.00 in a report on Thursday, August 8th. Wolfe Research began coverage on shares of Shopify in a research note on Tuesday, July 16th. They set an “outperform” rating and a $80.00 price target on the stock. Finally, Wells Fargo & Company raised their price objective on shares of Shopify from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, September 11th. One investment 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target 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.