BXM Wealth LLC Acquires Shares of 2,245 Shopify Inc. $SHOP

Key Points

• BXM Wealth LLC has acquired 2,245 shares of Shopify Inc. for approximately $259,000, marking a new stake in the company.
• Shopify's recent quarterly earnings showed a revenue of $2.68 billion, exceeding estimates, along with a net margin of 23.42%.
• Analysts have a consensus rating of "Moderate Buy" on Shopify's shares, with an average price target of $151.95.

BXM Wealth LLC acquired a new stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm acquired 2,245 shares of the software maker's stock, valued at approximately $259,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Nordea Investment Management AB purchased a new stake in Shopify in the 2nd quarter valued at about $1,594,000. Bellecapital International Ltd. increased its stake in shares of Shopify by 11.9% during the 2nd quarter. Bellecapital International Ltd. now owns 81,687 shares of the software maker's stock worth $9,423,000 after purchasing an additional 8,699 shares during the last quarter. Latitude Advisors LLC increased its stake in shares of Shopify by 3.0% during the 2nd quarter. Latitude Advisors LLC now owns 3,789 shares of the software maker's stock worth $437,000 after purchasing an additional 112 shares during the last quarter. WealthPlan Investment Management LLC increased its stake in shares of Shopify by 41.2% during the 2nd quarter. WealthPlan Investment Management LLC now owns 3,632 shares of the software maker's stock worth $419,000 after purchasing an additional 1,060 shares during the last quarter. Finally, Dash Acquisitions Inc. increased its stake in shares of Shopify by 1.4% during the 2nd quarter. Dash Acquisitions Inc. now owns 115,483 shares of the software maker's stock worth $14,113,000 after purchasing an additional 1,625 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Trading Up 0.2%

SHOP opened at $156.57 on Friday. The company has a 50 day moving average of $147.83 and a 200 day moving average of $120.58. The company has a market cap of $203.49 billion, a PE ratio of 87.47, a price-to-earnings-growth ratio of 7.31 and a beta of 2.72. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $169.69.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on SHOP shares. Weiss Ratings restated a "hold (c)" rating on shares of Shopify in a research note on Wednesday, October 8th. Loop Capital lowered shares of Shopify from a "buy" rating to a "hold" rating and set a $120.00 price target for the company. in a research note on Tuesday, July 22nd. BMO Capital Markets raised their price target on shares of Shopify from $120.00 to $180.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Arete Research upgraded shares of Shopify to a "hold" rating in a research note on Wednesday, July 23rd. Finally, CIBC raised their price target on shares of Shopify from $145.00 to $185.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twenty-two have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target 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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