Aptus Capital Advisors LLC Boosts Stake in Shopify Inc. $SHOP

Key Points

• Aptus Capital Advisors LLC increased its stake in Shopify Inc. by 22.3%, holding 11,016 shares valued at over $1 million after acquiring additional shares in the first quarter.
• Shopify's quarterly earnings exceeded expectations with a reported $0.35 earnings per share and revenue of $2.68 billion, marking a year-over-year growth of 31.1%.
• The stock has received favorable ratings from analysts, with a mean target price of $148.51 and a majority rating of "Moderate Buy."

Aptus Capital Advisors LLC increased its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 22.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,016 shares of the software maker's stock after buying an additional 2,012 shares during the period. Aptus Capital Advisors LLC's holdings in Shopify were worth $1,052,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. LRI Investments LLC boosted its stake in shares of Shopify by 9.8% during the fourth quarter. LRI Investments LLC now owns 889 shares of the software maker's stock valued at $94,000 after purchasing an additional 79 shares in the last quarter. Fullcircle Wealth LLC boosted its stake in shares of Shopify by 2.7% during the first quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker's stock valued at $418,000 after purchasing an additional 110 shares in the last quarter. Avidian Wealth Enterprises LLC boosted its stake in shares of Shopify by 3.4% during the first quarter. Avidian Wealth Enterprises LLC now owns 3,533 shares of the software maker's stock valued at $337,000 after purchasing an additional 116 shares in the last quarter. Pinnacle Financial Partners Inc boosted its stake in shares of Shopify by 4.0% during the first quarter. Pinnacle Financial Partners Inc now owns 3,233 shares of the software maker's stock valued at $320,000 after purchasing an additional 125 shares in the last quarter. Finally, Accurate Wealth Management LLC boosted its stake in shares of Shopify by 4.0% during the first quarter. Accurate Wealth Management LLC now owns 3,408 shares of the software maker's stock valued at $325,000 after purchasing an additional 131 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Performance

NYSE:SHOP opened at $136.68 on Friday. The company has a fifty day moving average of $123.82 and a two-hundred day moving average of $109.76. The stock has a market capitalization of $177.64 billion, a PE ratio of 88.18, a P/E/G ratio of 4.82 and a beta of 2.63. Shopify Inc. has a fifty-two week low of $65.86 and a fifty-two week high of $156.85.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $2.55 billion. During the same period in the prior year, the business posted $0.26 earnings per share. The firm's revenue for the quarter was up 31.1% on a year-over-year basis. Research analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current year.

Wall Street Analyst Weigh In

SHOP has been the topic of a number of recent research reports. Wedbush increased their price objective on shares of Shopify from $115.00 to $160.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Jefferies Financial Group dropped their price objective on shares of Shopify from $130.00 to $110.00 and set a "hold" rating on the stock in a research note on Monday, May 5th. Needham & Company LLC initiated coverage on shares of Shopify in a research report on Monday, July 14th. They set a "buy" rating and a $135.00 target price for the company. Royal Bank Of Canada increased their target price 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, Barclays boosted their target price on Shopify from $94.00 to $120.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 7th. Twenty-four research analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $148.51.

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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