Bellecapital International Ltd. Buys 8,699 Shares of Shopify Inc. $SHOP

Key Points

• Bellecapital International Ltd. increased its stake in Shopify Inc. by 11.9%, owning a total of 81,687 shares valued at approximately $9.42 million.
• Shopify's stock has received multiple price target increases from analysts, with Royal Bank of Canada raising its target from $145 to $170 and JPMorgan increasing it from $115 to $179.
• The company reported earnings of $0.35 EPS for the last quarter, surpassing estimates and showcasing a revenue growth of 31.1% year-over-year.

Bellecapital International Ltd. increased its stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 11.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 81,687 shares of the software maker's stock after purchasing an additional 8,699 shares during the period. Shopify makes up approximately 1.7% of Bellecapital International Ltd.'s portfolio, making the stock its 20th biggest holding. Bellecapital International Ltd.'s holdings in Shopify were worth $9,423,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of SHOP. Family Legacy Financial Solutions LLC bought a new position in shares of Shopify in the second quarter worth approximately $25,000. Coastline Trust Co bought a new position in shares of Shopify in the second quarter worth approximately $29,000. Smithfield Trust Co increased its position in shares of Shopify by 149.2% in the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock worth $30,000 after purchasing an additional 188 shares during the last quarter. Dagco Inc. bought a new position in shares of Shopify in the first quarter worth approximately $30,000. Finally, Global Wealth Strategies & Associates increased its position in shares of Shopify by 182.8% in the second quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker's stock worth $30,000 after purchasing an additional 170 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several research analyst reports. Royal Bank Of Canada upped their price objective on shares of Shopify from $145.00 to $170.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Phillip Securities cut shares of Shopify from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, August 12th. Scotiabank reiterated a "sector perform" rating and set a $150.00 price target (up from $115.00) on shares of Shopify in a research report on Thursday, August 7th. UBS Group increased their price target on shares of Shopify from $110.00 to $145.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Finally, JPMorgan Chase & Co. increased their price target on shares of Shopify from $115.00 to $179.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twenty-two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $151.95.

Shopify Stock Up 2.2%

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

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last announced 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 company had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same quarter last year, the firm posted $0.26 earnings per share. The firm's revenue was up 31.1% on a year-over-year basis. Equities research analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current year.

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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