Dakota Wealth Management Raises Holdings in Shopify Inc. $SHOP

Key Points

• Dakota Wealth Management increased its stake in Shopify Inc. by 27.2% during the second quarter, owning 10,829 shares valued at approximately $1,249,000 as per its latest SEC disclosure.
• Shopify reported a quarterly earnings increase, with an EPS of $0.35, exceeding estimates by $0.06, and revenue of $2.68 billion, marking a 31.1% year-over-year increase.
• Shopify's stock has attracted positive analyst ratings, with several firms raising their price targets, leading to a consensus price target of $151.69 and a rating of "Moderate Buy."

Dakota Wealth Management lifted its stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 27.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,829 shares of the software maker's stock after buying an additional 2,316 shares during the quarter. Dakota Wealth Management's holdings in Shopify were worth $1,249,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Worth Asset Management LLC purchased a new stake in shares of Shopify in the second quarter worth about $236,000. Integrity Alliance LLC. acquired a new position in Shopify in the 1st quarter worth about $211,000. Jacobs & Co. CA acquired a new position in Shopify in the 2nd quarter worth about $285,000. Focus Partners Wealth raised its holdings in Shopify by 7.4% in the 1st quarter. Focus Partners Wealth now owns 288,722 shares of the software maker's stock worth $27,567,000 after purchasing an additional 19,908 shares during the period. Finally, Ascent Group LLC acquired a new position in Shopify in the 1st quarter worth about $513,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on SHOP shares. DA Davidson upped their price target on Shopify from $125.00 to $185.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. KeyCorp reaffirmed an "overweight" rating and issued a $175.00 price target (up previously from $145.00) on shares of Shopify in a report on Thursday, August 7th. Atb Cap Markets cut Shopify from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 6th. Stifel Nicolaus upped their price target on Shopify from $110.00 to $150.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. Finally, Evercore ISI upped their price target on Shopify from $120.00 to $170.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Twenty-three research analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Shopify has an average rating of "Moderate Buy" and a consensus price target of $151.69.

Shopify Stock Performance

NASDAQ:SHOP opened at $140.25 on Friday. Shopify Inc. has a one year low of $69.84 and a one year high of $159.01. The stock has a market cap of $182.28 billion, a PE ratio of 78.35, a P/E/G ratio of 6.65 and a beta of 2.69. The stock has a 50 day moving average price of $140.00 and a 200 day moving average price of $115.28.

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