CRA Financial Services LLC Makes New Investment in Shopify Inc. $SHOP

Key Points

• CRA Financial Services LLC has acquired a new stake in Shopify Inc., purchasing 1,866 shares valued at approximately $215,000 during the second quarter.
• Shopify's shares opened at $157.12, and the company reported a revenue of $2.68 billion for the last quarter, exceeding analyst estimates.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Shopify, with a price target range increased significantly by major brokerages, including Goldman Sachs' target of $176.00.

CRA Financial Services LLC purchased a new stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP during the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 1,866 shares of the software maker's stock, valued at approximately $215,000.

Other hedge funds also recently made changes to their positions in the company. Worth Asset Management LLC acquired a new position in shares of Shopify in the 2nd quarter valued at $236,000. Integrity Alliance LLC. acquired a new position in shares of Shopify in the 1st quarter valued at $211,000. Jacobs & Co. CA acquired a new position in shares of Shopify in the 2nd quarter valued at $285,000. Ascent Group LLC acquired a new position in shares of Shopify in the 1st quarter valued at $513,000. Finally, Focus Partners Wealth boosted its holdings in shares of Shopify by 7.4% in the 1st quarter. Focus Partners Wealth now owns 288,722 shares of the software maker's stock valued at $27,567,000 after purchasing an additional 19,908 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SHOP. The Goldman Sachs Group lifted their price target on shares of Shopify from $120.00 to $176.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Arete reaffirmed a "neutral" rating on shares of Shopify in a research report on Wednesday, July 23rd. Loop Capital cut shares of Shopify from a "buy" rating to a "hold" rating and set a $120.00 price target for the company. in a research report on Tuesday, July 22nd. Barclays upped their price target on shares of Shopify from $94.00 to $120.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 7th. Finally, Stifel Nicolaus upped their price target on shares of Shopify from $110.00 to $150.00 and gave the stock a "hold" rating in a research report on Thursday, August 7th. Twenty-three equities research analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Shopify presently has an average rating of "Moderate Buy" and a consensus price target of $151.69.

Shopify Stock Performance

Shares of Shopify stock opened at $157.12 on Tuesday. The firm has a market cap 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 firm's 50-day simple moving average is $138.13 and its 200-day simple moving average is $113.98. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $159.01.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last issued its 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 for the quarter, compared to analyst estimates of $2.55 billion. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The company's revenue for the quarter was up 31.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.26 EPS. On average, equities analysts predict 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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