Avior Wealth Management LLC Has $1.57 Million Stock Position in Shopify Inc. $SHOP

Key Points

• Avior Wealth Management LLC increased its stake in Shopify Inc. by 32.6% in the second quarter, bringing their total position to $1.57 million worth of shares.
• Shopify recently reported earnings of $0.35 per share, exceeding analysts' expectations, with revenue growing by 31.1% year-over-year.
• The consensus rating for Shopify among analysts is "Moderate Buy", with an average price target of $151.69 per share.

Avior Wealth Management LLC grew its position in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 32.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,609 shares of the software maker's stock after purchasing an additional 3,347 shares during the period. Avior Wealth Management LLC's holdings in Shopify were worth $1,570,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. TBH Global Asset Management LLC grew its stake in shares of Shopify by 2.6% in the 2nd quarter. TBH Global Asset Management LLC now owns 6,363 shares of the software maker's stock valued at $734,000 after buying an additional 161 shares in the last quarter. KG&L Capital Management LLC lifted its stake in Shopify by 50.8% in the second quarter. KG&L Capital Management LLC now owns 8,072 shares of the software maker's stock valued at $931,000 after acquiring an additional 2,720 shares during the last quarter. LVW Advisors LLC grew its position in Shopify by 75.8% in the second quarter. LVW Advisors LLC now owns 4,864 shares of the software maker's stock worth $561,000 after acquiring an additional 2,098 shares in the last quarter. Spirepoint Private Client LLC bought a new stake in Shopify in the second quarter worth approximately $232,000. Finally, ORG Wealth Partners LLC increased its stake in shares of Shopify by 6.0% during the 2nd quarter. ORG Wealth Partners LLC now owns 21,358 shares of the software maker's stock worth $2,406,000 after purchasing an additional 1,201 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Trading Down 2.2%

Shares of Shopify stock opened at $140.25 on Monday. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $159.01. The company's fifty day simple moving average is $140.00 and its 200-day simple moving average is $115.45. The company has a market cap of $182.28 billion, a price-to-earnings ratio of 78.35, a PEG ratio of 6.65 and a beta of 2.69.

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, beating 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 during the quarter, compared to the consensus estimate of $2.55 billion. During the same period in the prior year, the firm earned $0.26 EPS. The business's revenue was up 31.1% on a year-over-year basis. As a group, research analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Needham & Company LLC assumed coverage on shares of Shopify in a research report on Monday, July 14th. They set a "buy" rating and a $135.00 target price on the stock. Barclays raised their price objective on Shopify from $94.00 to $120.00 and gave the company an "equal weight" rating in a research note on Thursday, August 7th. Phillip Securities lowered Shopify from a "moderate buy" rating to a "hold" rating in a report on Tuesday, August 12th. DA Davidson increased their price target on Shopify from $125.00 to $185.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Finally, Bank of America boosted their price objective on shares of Shopify from $110.00 to $185.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Twenty-three investment analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Shopify has an average rating of "Moderate Buy" and a consensus price target of $151.69.

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.

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