3,016 Shares in Shopify Inc. (NYSE:SHOP) Purchased by Wealthedge Investment Advisors LLC

Key Points

• Wealthedge Investment Advisors LLC has acquired 3,016 shares of Shopify Inc., valued at approximately $288,000, as noted in their recent 13F filing.
• Shopify reported a quarterly earnings per share (EPS) of $0.35, surpassing analyst expectations of $0.29, with revenue reaching $2.68 billion.
• The stock currently has a consensus rating of "Moderate Buy" with a target price of $148.51 according to MarketBeat data.

Wealthedge Investment Advisors LLC acquired a new position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 3,016 shares of the software maker's stock, valued at approximately $288,000.

Several other large investors have also bought and sold shares of SHOP. Nations Financial Group Inc. IA ADV grew its position in shares of Shopify by 5.7% in the 1st quarter. Nations Financial Group Inc. IA ADV now owns 5,239 shares of the software maker's stock worth $500,000 after buying an additional 284 shares during the period. American Century Companies Inc. increased its stake in shares of Shopify by 31.4% during the first quarter. American Century Companies Inc. now owns 1,923,082 shares of the software maker's stock valued at $183,347,000 after purchasing an additional 459,523 shares in the last quarter. Tacita Capital Inc increased its stake in shares of Shopify by 26.0% during the first quarter. Tacita Capital Inc now owns 5,478 shares of the software maker's stock valued at $521,000 after purchasing an additional 1,130 shares in the last quarter. Azimuth Capital Investment Management LLC lifted its holdings in shares of Shopify by 11.0% during the first quarter. Azimuth Capital Investment Management LLC now owns 3,090 shares of the software maker's stock valued at $295,000 after purchasing an additional 305 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC boosted its position in shares of Shopify by 50.5% in the 1st quarter. Kovitz Investment Group Partners LLC now owns 5,254 shares of the software maker's stock worth $502,000 after purchasing an additional 1,764 shares in the last quarter. 69.27% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on SHOP shares. Needham & Company LLC initiated coverage on Shopify in a research report on Monday, July 14th. They set a "buy" rating and a $135.00 price objective for the company. Cantor Fitzgerald restated a "neutral" rating and set a $91.00 price target on shares of Shopify in a report on Wednesday, June 11th. Scotiabank reaffirmed a "sector perform" rating and issued a $150.00 price target (up previously from $115.00) on shares of Shopify in a research report on Thursday, August 7th. TD Securities increased their price objective on shares of Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Shopify from $115.00 to $179.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $148.51.

Shopify Stock Down 1.9%

NYSE SHOP opened at $141.47 on Friday. Shopify Inc. has a 52 week low of $65.86 and a 52 week high of $156.85. The company has a market capitalization of $183.54 billion, a P/E ratio of 91.27, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. The stock's 50-day moving average price is $121.52 and its 200-day moving average price is $109.14.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.06. Shopify had a net margin of 22.74% and a return on equity of 12.00%. The company had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same period in the prior year, the firm posted $0.26 EPS. The firm's quarterly revenue was up 31.1% compared to the same quarter last year. Research analysts anticipate that Shopify Inc. will post 1.12 EPS for the current 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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