1,805 Shares in Shopify Inc. $SHOP Bought by HCR Wealth Advisors

Key Points

• HCR Wealth Advisors has acquired 1,805 shares of Shopify Inc. valued at approximately $208,000 during the second quarter, highlighting increased institutional interest in the company.
• Wall Street analysts show a consensus rating of "Moderate Buy" for Shopify, with a price target averaging $150.83, reflecting positive growth expectations.
• Shopify reported strong earnings with a 31.1% year-over-year revenue increase, and an EPS of $0.35, surpassing analyst estimates.

HCR Wealth Advisors acquired a new position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 1,805 shares of the software maker's stock, valued at approximately $208,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SHOP. Family Legacy Financial Solutions LLC acquired a new stake in Shopify in the 2nd quarter valued at $25,000. Coastline Trust Co acquired a new stake in Shopify in the 2nd quarter valued at $29,000. Smithfield Trust Co increased its stake in Shopify by 149.2% in the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after buying an additional 188 shares during the last quarter. Dagco Inc. acquired a new stake in Shopify in the 1st quarter valued at $30,000. Finally, Global Wealth Strategies & Associates increased its stake in Shopify by 182.8% in the 2nd quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker's stock valued at $30,000 after buying an additional 170 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on SHOP shares. Cantor Fitzgerald set a $156.00 price target on shares of Shopify and gave the company a "neutral" rating in a research note on Wednesday, August 27th. Barclays lifted their price target on shares of Shopify from $94.00 to $120.00 and gave the company an "equal weight" rating in a research note on Thursday, August 7th. UBS Group boosted their price objective on shares of Shopify from $110.00 to $145.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Needham & Company LLC initiated coverage on shares of Shopify in a research note on Monday, July 14th. They set a "buy" rating and a $135.00 price objective on the stock. Finally, Zacks Research upgraded shares of Shopify to a "hold" rating in a research note on Tuesday, August 12th. Twenty-three investment analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $150.83.

Shopify Stock Performance

Shares of SHOP stock opened at $148.67 on Wednesday. The company has a market capitalization of $193.22 billion, a price-to-earnings ratio of 83.06, a PEG ratio of 7.06 and a beta of 2.69. The company has a 50-day simple moving average of $140.91 and a 200 day simple moving average of $116.06. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $159.01.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last announced its earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping the consensus estimate of $0.29 by $0.06. The business had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a net margin of 23.42% and a return on equity of 12.30%. Shopify's revenue was up 31.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.26 EPS. Sell-side analysts forecast that Shopify Inc. will post 1.12 EPS 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.

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