Bogart Wealth LLC Has $7.95 Million Stock Holdings in Shopify Inc. $SHOP

Key Points

• Bogart Wealth LLC has increased its holdings in Shopify Inc. by 4.6%, owning 68,942 shares valued at approximately $7.95 million as of the latest SEC disclosure.
• Shopify recently reported $0.35 EPS for its last quarter, exceeding analysts' estimates, with revenues of $2.68 billion up 31.1% year-over-year.
• Analysts have raised their target prices for Shopify, with Goldman Sachs increasing theirs to $176 and Bank of America to $185, indicating strong sentiment towards the stock.

Bogart Wealth LLC grew its stake in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 4.6% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 68,942 shares of the software maker's stock after buying an additional 3,020 shares during the quarter. Bogart Wealth LLC's holdings in Shopify were worth $7,952,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Family Legacy Financial Solutions LLC bought a new position in Shopify in the second quarter valued at about $25,000. Tradewinds Capital Management LLC raised its holdings in Shopify by 71.4% in the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker's stock valued at $28,000 after buying an additional 100 shares during the last quarter. Coastline Trust Co acquired a new stake in Shopify during the 2nd quarter worth approximately $29,000. Global Wealth Strategies & Associates boosted its position in Shopify by 182.8% during the 2nd quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker's stock worth $30,000 after buying an additional 170 shares during the period. Finally, Smithfield Trust Co grew its holdings in Shopify by 149.2% during the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock worth $30,000 after acquiring an additional 188 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Price Performance

Shares of NASDAQ SHOP opened at $157.76 on Monday. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $169.69. The stock has a market capitalization of $205.03 billion, a P/E ratio of 88.13, a P/E/G ratio of 7.39 and a beta of 2.72. The company has a 50-day moving average price of $148.00 and a 200-day moving average price of $121.40.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last released its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. The business had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The company's quarterly revenue was up 31.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.26 EPS. As a group, equities research analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on SHOP shares. Wedbush raised their target price on Shopify from $115.00 to $160.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Zacks Research upgraded Shopify from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, October 14th. The Goldman Sachs Group upped their target price on Shopify from $120.00 to $176.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Bank of America increased their target price on shares of Shopify from $110.00 to $185.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Finally, Canaccord Genuity Group boosted their price target on shares of Shopify from $115.00 to $165.00 and gave the stock a "buy" 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 stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $152.76.

About Shopify

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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