First Trust Direct Indexing L.P. Boosts Stock Position in Shopify Inc. (NYSE:SHOP)

First Trust Direct Indexing L.P. grew its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 26.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,942 shares of the software maker’s stock after purchasing an additional 2,901 shares during the period. First Trust Direct Indexing L.P.’s holdings in Shopify were worth $1,086,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. SJS Investment Consulting Inc. boosted its stake in shares of Shopify by 59.1% in the fourth quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock valued at $27,000 after buying an additional 130 shares in the last quarter. Baldwin Brothers LLC MA increased its holdings in Shopify by 49.0% during the 4th quarter. Baldwin Brothers LLC MA now owns 447 shares of the software maker’s stock valued at $35,000 after acquiring an additional 147 shares in the last quarter. Global Trust Asset Management LLC raised its position in shares of Shopify by 350.0% during the 4th quarter. Global Trust Asset Management LLC now owns 450 shares of the software maker’s stock worth $35,000 after purchasing an additional 350 shares during the last quarter. Salem Investment Counselors Inc. lifted its position in shares of Shopify by 1,112.0% in the fourth quarter. Salem Investment Counselors Inc. now owns 606 shares of the software maker’s stock valued at $47,000 after acquiring an additional 556 shares in the last quarter. Finally, Anchor Investment Management LLC purchased a new position in Shopify in the 4th quarter valued at about $51,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

SHOP stock opened at $74.47 on Friday. The company has a market capitalization of $95.81 billion, a PE ratio of 827.54 and a beta of 2.20. The company has a quick ratio of 6.99, a current ratio of 6.99 and a debt-to-equity ratio of 0.10. The stock’s 50 day moving average is $74.77 and its two-hundred day moving average is $73.00. Shopify Inc. has a 52-week low of $45.50 and a 52-week high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. The business had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.07 billion. Shopify had a return on equity of 4.48% and a net margin of 1.87%. Analysts predict that Shopify Inc. will post 0.59 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SHOP has been the subject of several analyst reports. Loop Capital cut their price target on Shopify from $90.00 to $80.00 and set a “hold” rating for the company in a report on Monday, April 15th. Robert W. Baird upped their target price on Shopify from $85.00 to $87.00 and gave the company an “outperform” rating in a research note on Wednesday, April 3rd. Needham & Company LLC reissued a “hold” rating on shares of Shopify in a research note on Tuesday, April 16th. The Goldman Sachs Group lifted their price target on Shopify from $67.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, February 29th. Finally, Piper Sandler reiterated an “underweight” rating and set a $63.00 price objective on shares of Shopify in a report on Thursday, April 11th. Two equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $79.03.

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.