CW Advisors LLC Buys 7,167 Shares of Shopify Inc. $SHOP

Key Points

• CW Advisors LLC increased its stake in Shopify Inc. by 5.7% during the 1st quarter, acquiring an additional 7,167 shares and bringing its total holdings to 133,645 shares valued at approximately $12.79 million.
• Research firms have upgraded their price targets for Shopify, with Benchmark setting a new target of $140.00, reflecting a positive sentiment among analysts.
• Shopify reported a 31.1% increase in quarterly revenue year-over-year, reaching $2.68 billion, and exceeded earnings expectations with an EPS of $0.35.

CW Advisors LLC grew its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 5.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 133,645 shares of the software maker's stock after acquiring an additional 7,167 shares during the quarter. CW Advisors LLC's holdings in Shopify were worth $12,792,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the company. LRI Investments LLC boosted its position in shares of Shopify by 9.8% during the fourth quarter. LRI Investments LLC now owns 889 shares of the software maker's stock worth $94,000 after buying an additional 79 shares during the period. Fullcircle Wealth LLC grew its stake in Shopify by 2.7% in the first quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker's stock valued at $418,000 after purchasing an additional 110 shares in the last quarter. Avidian Wealth Enterprises LLC grew its stake in Shopify by 3.4% in the first quarter. Avidian Wealth Enterprises LLC now owns 3,533 shares of the software maker's stock valued at $337,000 after purchasing an additional 116 shares in the last quarter. Pinnacle Financial Partners Inc grew its stake in Shopify by 4.0% in the first quarter. Pinnacle Financial Partners Inc now owns 3,233 shares of the software maker's stock valued at $320,000 after purchasing an additional 125 shares in the last quarter. Finally, Accurate Wealth Management LLC grew its stake in Shopify by 4.0% in the first quarter. Accurate Wealth Management LLC now owns 3,408 shares of the software maker's stock valued at $325,000 after purchasing an additional 131 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have weighed in on SHOP. Wedbush raised their price target on Shopify from $115.00 to $160.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Truist Financial raised their price target on Shopify from $95.00 to $150.00 and gave the company a "hold" rating in a research note on Thursday, August 7th. UBS Group raised their price target on Shopify from $110.00 to $145.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. CIBC raised their price target on Shopify from $145.00 to $185.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Finally, Morgan Stanley raised their price target on Shopify from $106.00 to $112.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Twenty-four analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $148.51.

Shopify Stock Performance

NYSE:SHOP traded down $1.58 during mid-day trading on Monday, hitting $140.53. 4,850,916 shares of the stock were exchanged, compared to its average volume of 10,300,885. The stock has a market capitalization of $182.64 billion, a price-to-earnings ratio of 90.67, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. The firm's 50-day simple moving average is $124.55 and its 200 day simple moving average is $109.77. Shopify Inc. has a fifty-two week low of $65.86 and a fifty-two week high of $156.85.

Shopify (NYSE: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 for the quarter, topping the consensus estimate of $0.29 by $0.06. The business had revenue of $2.68 billion during the quarter, compared to analysts' expectations of $2.55 billion. Shopify had a return on equity of 12.00% and a net margin of 22.74%.The firm's revenue for the quarter was up 31.1% compared to the same quarter last year. During the same period last year, the firm posted $0.26 EPS. On average, analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Shopify Company 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.