Bleakley Financial Group LLC Grows Position in Shopify Inc. $SHOP

Key Points

• Bleakley Financial Group LLC significantly increased its stake in Shopify by 81.7%, now owning 28,304 shares valued at approximately $3.27 million.
• Shopify reported earnings of $0.35 per share for the last quarter, exceeding analysts' estimates and showing a revenue increase of 31.1% year-over-year.
• Wall Street analysts have adjusted their target prices for Shopify, with National Bankshares raising its target from $180 to $200 and Citigroup from $155 to $195, reflecting positive sentiment toward the stock.

Bleakley Financial Group LLC lifted its stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 81.7% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 28,304 shares of the software maker's stock after buying an additional 12,724 shares during the quarter. Bleakley Financial Group LLC's holdings in Shopify were worth $3,265,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Strategic Blueprint LLC increased its stake in shares of Shopify by 15.9% in the second quarter. Strategic Blueprint LLC now owns 6,434 shares of the software maker's stock worth $742,000 after purchasing an additional 885 shares in the last quarter. RNC Capital Management LLC bought a new position in Shopify in the 2nd quarter worth $343,000. Freedom Investment Management Inc. increased its stake in Shopify by 68.7% in the 2nd quarter. Freedom Investment Management Inc. now owns 12,037 shares of the software maker's stock worth $1,388,000 after buying an additional 4,901 shares in the last quarter. Ethic Inc. bought a new stake in Shopify during the second quarter valued at about $230,000. Finally, Caliber Wealth Management LLC KS lifted its position in shares of Shopify by 39.1% in the second quarter. Caliber Wealth Management LLC KS now owns 6,239 shares of the software maker's stock valued at $720,000 after acquiring an additional 1,754 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Performance

SHOP opened at $167.03 on Friday. Shopify Inc. has a one year low of $69.84 and a one year high of $169.69. The stock has a market cap of $217.08 billion, a price-to-earnings ratio of 93.31, a P/E/G ratio of 7.58 and a beta of 2.72. The stock's 50 day moving average price is $149.30 and its 200-day moving average price is $123.18.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last released its earnings results 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. The business had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The business's revenue was up 31.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.26 earnings per share. As a group, analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SHOP. Scotiabank reissued a "sector perform" rating and set a $150.00 target price (up previously from $115.00) on shares of Shopify in a research note 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. BMO Capital Markets upped their target price on shares of Shopify from $120.00 to $180.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. National Bankshares lifted their price target on shares of Shopify from $180.00 to $200.00 and gave the company an "outperform" rating in a report on Thursday. Finally, Citigroup boosted their price target on shares of Shopify from $155.00 to $195.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twenty-two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Shopify currently has a consensus rating of "Moderate Buy" and a consensus price target of $153.30.

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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