2,014 Shares in Shopify Inc. $SHOP Bought by Spirepoint Private Client LLC

Key Points

• Spirepoint Private Client LLC acquired a new position in Shopify Inc., purchasing 2,014 shares valued at approximately $232,000 in the second quarter.
• Shopify reported earnings of $0.35 per share for the last quarter, surpassing analysts' expectations of $0.29, with revenue reaching $2.68 billion—a 31.1% increase year-over-year.
• Wall Street analysts are optimistic about Shopify's future, with numerous firms increasing their price targets, including Bank of America's target raised to $185.00 and Goldman Sachs to $176.00.

Spirepoint Private Client LLC purchased a new position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 2,014 shares of the software maker's stock, valued at approximately $232,000.

A number of other institutional investors have also recently added to or reduced their stakes in SHOP. Family Legacy Financial Solutions LLC purchased a new stake in Shopify during the 2nd quarter worth $25,000. Smithfield Trust Co boosted its position 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. purchased a new position in Shopify in the 1st quarter valued at about $30,000. Global Wealth Strategies & Associates boosted its position 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. Finally, Cary Street Partners Investment Advisory LLC boosted its position in Shopify by 86.8% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock valued at $34,000 after buying an additional 165 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shares of Shopify stock opened at $140.25 on Friday. The firm has a market cap of $182.28 billion, a PE ratio of 78.35, a price-to-earnings-growth ratio of 6.80 and a beta of 2.69. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $159.01. The firm's 50-day simple moving average is $140.00 and its 200-day simple moving average is $115.15.

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

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SHOP. Wedbush upped their price objective on shares of Shopify from $115.00 to $160.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Bank of America upped their price objective on shares of Shopify from $110.00 to $185.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Robert W. Baird upped their price objective 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. The Goldman Sachs Group upped their target price on shares of Shopify from $120.00 to $176.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Finally, Canaccord Genuity Group upped their target price on shares of Shopify from $115.00 to $165.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Twenty-three analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $151.69.

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.

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