Axxcess Wealth Management LLC Buys 3,502 Shares of Shopify Inc. $SHOP

Key Points

• Axxcess Wealth Management LLC increased its holdings in Shopify Inc. by 22.8%, acquiring an additional 3,502 shares in the second quarter, bringing their total to 18,890 shares worth approximately $2.18 million.
• Several institutional investors significantly boosted their stakes in Shopify, with Mirae Asset Global Investments growing its stake by 171.3% to own 423,295 shares valued at around $48.83 million.
• Shopify reported a quarterly earnings per share (EPS) of $0.35, surpassing expectations, and a revenue of $2.68 billion, reflecting a 31.1% increase year-over-year.

Axxcess Wealth Management LLC raised its holdings in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 22.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 18,890 shares of the software maker's stock after acquiring an additional 3,502 shares during the period. Axxcess Wealth Management LLC's holdings in Shopify were worth $2,179,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. grew its stake in Shopify by 171.3% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker's stock valued at $48,827,000 after acquiring an additional 267,271 shares during the period. Worth Asset Management LLC acquired a new position in Shopify in the second quarter valued at about $236,000. Avior Wealth Management LLC grew its stake in Shopify by 32.6% in the second quarter. Avior Wealth Management LLC now owns 13,609 shares of the software maker's stock valued at $1,570,000 after acquiring an additional 3,347 shares during the period. 111 Capital acquired a new position in Shopify in the second quarter valued at about $1,719,000. Finally, Integrity Alliance LLC. acquired a new position in Shopify in the first quarter valued at about $211,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Performance

Shares of NASDAQ SHOP opened at $156.21 on Thursday. The stock has a 50 day moving average price of $147.72 and a 200 day moving average price of $120.16. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $169.69. The stock has a market capitalization of $203.02 billion, a PE ratio of 87.27, a price-to-earnings-growth ratio of 7.16 and a beta of 2.72.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last issued its quarterly 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 firm 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 firm posted $0.26 earnings per share. The business's quarterly revenue was up 31.1% compared to the same quarter last year. As a group, research analysts forecast that Shopify Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on SHOP. Cantor Fitzgerald set a $156.00 target price on Shopify and gave the company a "neutral" rating in a research note on Wednesday, August 27th. Stifel Nicolaus boosted their target price on Shopify from $110.00 to $150.00 and gave the company a "hold" rating in a research note on Thursday, August 7th. Citigroup upped their price objective on Shopify from $155.00 to $195.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. TD Cowen reaffirmed a "hold" rating and set a $156.00 price objective on shares of Shopify in a research report on Friday, October 3rd. Finally, Zacks Research raised Shopify to a "hold" rating in a research report on Tuesday, August 12th. Twenty-two equities research analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Shopify currently has an average rating of "Hold" and an average target price of $151.95.

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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