2,047 Shares in Shopify Inc. $SHOP Acquired by Worth Asset Management LLC

Key Points

• Worth Asset Management LLC has acquired 2,047 shares of Shopify Inc., valued at approximately $236,000, during Q2 as reported in their 13F filing.
• Shopify's stock price has seen a notable increase of 2.9%, with its shares trading at $152.11 and a market capitalization of $197.69 billion.
• Analysts have upgraded Shopify's rating, with Bank of America raising its price target from $110 to $185 and over twenty analysts currently rating it as a "Buy."

Worth Asset Management LLC acquired a new position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,047 shares of the software maker's stock, valued at approximately $236,000.

Several other hedge funds also recently modified their holdings of SHOP. Brighton Jones LLC boosted its stake in shares of Shopify by 2.8% in the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock valued at $2,252,000 after purchasing an additional 584 shares during the last quarter. Two Sigma Advisers LP acquired a new stake in Shopify during the 4th quarter worth approximately $314,000. Visionary Wealth Advisors acquired a new stake in Shopify during the 4th quarter worth approximately $246,000. Waverly Advisors LLC raised its holdings in shares of Shopify by 185.1% in the fourth quarter. Waverly Advisors LLC now owns 8,781 shares of the software maker's stock valued at $934,000 after purchasing an additional 5,701 shares during the last quarter. Finally, Continuum Advisory LLC raised its holdings in shares of Shopify by 234.5% in the fourth quarter. Continuum Advisory LLC now owns 843 shares of the software maker's stock valued at $90,000 after purchasing an additional 591 shares during the last quarter. Institutional investors own 69.27% of the company's stock.

Shopify Price Performance

Shopify stock traded up $1.19 during trading hours on Friday, reaching $153.30. The company had a trading volume of 8,809,955 shares, compared to its average volume of 5,345,718. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $156.85. The firm has a market cap of $199.24 billion, a price-to-earnings ratio of 85.64, a P/E/G ratio of 7.26 and a beta of 2.69. The company has a 50-day moving average price of $137.32 and a 200 day moving average price of $113.50.

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

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on SHOP shares. Loop Capital cut shares of Shopify from a "buy" rating to a "hold" rating and set a $120.00 target price for the company. in a research note on Tuesday, July 22nd. Zacks Research raised shares of Shopify to a "hold" rating in a research report on Tuesday, August 12th. Canaccord Genuity Group boosted their target price on shares of Shopify from $115.00 to $165.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Needham & Company LLC initiated coverage on Shopify in a research note on Monday, July 14th. They issued a "buy" rating and a $135.00 price target for the company. Finally, Citigroup boosted their price target on Shopify from $155.00 to $195.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Twenty-three analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Shopify currently has an average rating of "Moderate Buy" and an average target price of $151.69.

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.