11,359 Shares in Shopify Inc. $SHOP Bought by Fairvoy Private Wealth LLC

Key Points

• Fairvoy Private Wealth LLC acquired 11,359 shares of Shopify Inc., valued at approximately $1,310,000, indicating growing institutional interest in the stock.
• Shopify's earnings surpassed expectations, reporting $0.35 earnings per share for the quarter and a revenue of $2.68 billion, marking a 31.1% year-over-year increase.
• Analysts have a mixed outlook on Shopify, with 22 buy ratings, 23 hold ratings, and 1 sell rating, while setting the average price target at $150.59.

Fairvoy Private Wealth LLC bought a new position in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 11,359 shares of the software maker's stock, valued at approximately $1,310,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Worth Asset Management LLC purchased a new position in Shopify in the second quarter worth $236,000. Avior Wealth Management LLC grew its position in Shopify by 32.6% in the second quarter. Avior Wealth Management LLC now owns 13,609 shares of the software maker's stock worth $1,570,000 after acquiring an additional 3,347 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Shopify by 171.3% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker's stock worth $48,827,000 after acquiring an additional 267,271 shares in the last quarter. Integrity Alliance LLC. purchased a new position in Shopify in the first quarter worth $211,000. Finally, Jacobs & Co. CA purchased a new position in Shopify in the second quarter worth $285,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SHOP has been the subject of several analyst reports. Weiss Ratings restated a "hold (c)" rating on shares of Shopify in a research report on Saturday, September 27th. Loop Capital lowered shares of Shopify from a "buy" rating to a "hold" rating and set a $120.00 price target for the company. in a research report on Tuesday, July 22nd. Robert W. Baird upped their price target on shares of Shopify from $110.00 to $120.00 and gave the company an "outperform" rating in a research report on Monday, July 14th. Phillip Securities lowered shares of Shopify from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, August 12th. Finally, TD Cowen restated a "hold" rating and set a $156.00 price target on shares of Shopify in a research report on Friday. Twenty-two research analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $150.59.

Shopify Trading Up 6.5%

Shopify stock opened at $161.14 on Friday. The firm has a 50-day moving average of $142.78 and a 200-day moving average of $117.13. The firm has a market cap of $209.43 billion, a P/E ratio of 90.02, a P/E/G ratio of 7.17 and a beta of 2.72. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $162.60.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. The company had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. Shopify had a net margin of 23.42% and a return on equity of 12.30%. Shopify's revenue for the quarter was up 31.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.26 earnings per share. Research analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Shopify 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.

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