United Services Automobile Association Grows Stock Holdings in Shopify Inc. (NYSE:SHOP)

United Services Automobile Association boosted its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 44,798 shares of the software maker’s stock after buying an additional 1,067 shares during the quarter. United Services Automobile Association’s holdings in Shopify were worth $2,961,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Capital World Investors grew its holdings in shares of Shopify by 26.2% in the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after acquiring an additional 10,340,040 shares during the period. Vanguard Group Inc. boosted its position in Shopify by 1.7% during the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after purchasing an additional 713,064 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Shopify by 21.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock valued at $2,642,265,000 after purchasing an additional 5,982,434 shares during the last quarter. GQG Partners LLC increased its position in shares of Shopify by 197.9% in the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after buying an additional 13,885,473 shares in the last quarter. Finally, Capital International Investors increased its position in shares of Shopify by 3.4% in the first quarter. Capital International Investors now owns 16,392,141 shares of the software maker’s stock valued at $1,264,982,000 after buying an additional 542,503 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. UBS Group increased their price objective on shares of Shopify from $71.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. upped their target price on Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. Barclays boosted their price target on Shopify from $63.00 to $65.00 and gave the stock an “equal weight” rating in a report on Thursday, August 8th. Wells Fargo & Company lifted their price objective on Shopify from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Finally, Morgan Stanley raised their price target on shares of Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $77.11.

Shopify Stock Performance

Shopify stock opened at $68.13 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. Shopify Inc. has a 12 month low of $45.50 and a 12 month high of $91.57. The company has a fifty day moving average price of $67.06 and a two-hundred day moving average price of $68.46. The company has a market cap of $87.80 billion, a PE ratio of -400.76, a P/E/G ratio of 2.25 and a beta of 2.35.

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

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.