Balefire LLC Purchases Shares of 2,745 Shopify Inc. $SHOP

Key Points

• Balefire LLC made a new investment in Shopify Inc., acquiring 2,745 shares valued at approximately $317,000 during the 2nd quarter.
• Shopify's stock received multiple upgrades from analysts, with JPMorgan Chase setting a new price target of $179 and maintaining an "overweight" rating.
• In its last earnings report, Shopify exceeded expectations with an earnings per share of $0.35 and a revenue of $2.68 billion, marking a year-over-year revenue increase of 31.1%.

Balefire LLC bought a new stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,745 shares of the software maker's stock, valued at approximately $317,000.

Several other institutional investors have also bought and sold shares of the stock. Fourth Dimension Wealth LLC bought a new stake in shares of Shopify in the 4th quarter worth $30,000. Smithfield Trust Co grew its position in Shopify by 149.2% in the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock worth $30,000 after purchasing an additional 188 shares in the last quarter. Dagco Inc. bought a new stake in Shopify in the 1st quarter worth about $30,000. Global Wealth Strategies & Associates increased its stake in Shopify by 182.8% in the 2nd quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker's stock valued at $30,000 after buying an additional 170 shares during the last quarter. Finally, Cary Street Partners Investment Advisory LLC lifted its position in shares of 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 in the last quarter. Institutional investors own 69.27% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SHOP. Mizuho upped their target price on Shopify from $85.00 to $150.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. UBS Group upped their price objective on Shopify from $110.00 to $145.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Atb Cap Markets lowered Shopify from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 6th. Wells Fargo & Company boosted their price target on shares of Shopify from $107.00 to $125.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Finally, Evercore ISI increased their price target on shares of Shopify from $120.00 to $170.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Twenty-three research analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Shopify has an average rating of "Moderate Buy" and a consensus price target of $151.69.

Shopify Stock Performance

SHOP stock traded up $3.82 during midday trading on Monday, reaching $157.12. 7,010,807 shares of the company's stock traded hands, compared to its average volume of 5,403,877. The firm has a market capitalization of $204.20 billion, a PE ratio of 87.78, a price-to-earnings-growth ratio of 7.26 and a beta of 2.69. The company has a 50-day moving average price of $138.13 and a two-hundred day moving average price of $113.98. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $159.01.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping analysts' consensus estimates 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 analyst estimates of $2.55 billion. During the same period last year, the company earned $0.26 earnings per share. The business's revenue for the quarter was up 31.1% on a year-over-year basis. As a group, analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal 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.