Anderson Financial Strategies LLC Buys Shares of 2,798 Shopify Inc. $SHOP

Key Points

• Anderson Financial Strategies LLC acquired 2,798 shares of Shopify Inc., valued at approximately $267,000, as per its recent SEC filing.
• Multiple analysts have upgraded Shopify's stock price targets, with CIBC raising theirs from $145 to $185, and BMO Capital Markets from $120 to $180, both recommending an "outperform" rating.
• Shopify reported a quarterly earnings of $0.35 per share, surpassing the consensus estimate, with a revenue increase of 31.1% to $2.68 billion compared to the same quarter last year.

Anderson Financial Strategies LLC purchased a new stake in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,798 shares of the software maker's stock, valued at approximately $267,000.

Several other institutional investors and hedge funds have also made changes to their positions in SHOP. Fourth Dimension Wealth LLC acquired a new stake in shares of Shopify during the 4th quarter valued at approximately $30,000. Smithfield Trust Co grew its stake in Shopify by 149.2% during the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock worth $30,000 after buying an additional 188 shares during the last quarter. Dagco Inc. bought a new position in Shopify during the 1st quarter worth $30,000. Cary Street Partners Investment Advisory LLC grew its stake in Shopify by 86.8% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock worth $34,000 after buying an additional 165 shares during the last quarter. Finally, Accent Capital Management LLC bought a new position in Shopify during the 1st quarter worth $46,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on SHOP shares. CIBC upped their price objective on Shopify from $145.00 to $185.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. National Bankshares upped their price objective on Shopify from $140.00 to $180.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Benchmark restated a "buy" rating and set a $140.00 price objective (up from $125.00) on shares of Shopify in a research note on Tuesday, August 5th. BMO Capital Markets increased their price target on Shopify from $120.00 to $180.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Finally, Royal Bank Of Canada increased their price target on Shopify from $145.00 to $170.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Twenty-four analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $150.27.

Shopify Stock Down 0.9%

Shares of SHOP stock opened at $142.20 on Thursday. The stock has a 50-day simple moving average of $132.70 and a 200 day simple moving average of $111.62. Shopify Inc. has a fifty-two week low of $68.10 and a fifty-two week high of $156.85. The stock has a market capitalization of $184.81 billion, a P/E ratio of 79.44, a P/E/G ratio of 6.80 and a beta of 2.69.

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, beating 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 business had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. During the same period in the prior year, the business posted $0.26 earnings per share. Shopify's revenue was up 31.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Shopify Inc. will post 1.12 earnings per share 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.