Empirical Financial Services LLC d.b.a. Empirical Wealth Management Purchases 1,755 Shares of Shopify Inc. $SHOP

Key Points

• Empirical Wealth Management increased its position in Shopify by 28%, acquiring an additional 1,755 shares to total 8,030 shares valued at approximately $926,000.
• A number of financial analysts have raised their price targets for Shopify, with Wedbush setting a new target of $160.00, reflecting positive sentiment towards the stock's growth potential.
• Shopify's latest earnings report revealed an earnings per share of $0.35, surpassing estimates, with revenue growth of 31.1% year-over-year to $2.68 billion.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 28.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,030 shares of the software maker's stock after acquiring an additional 1,755 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Shopify were worth $926,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Family Legacy Financial Solutions LLC bought a new position in Shopify in the second quarter worth $25,000. Coastline Trust Co purchased a new stake in shares of Shopify in the 2nd quarter worth about $29,000. Smithfield Trust Co grew its position in shares of Shopify by 149.2% in the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock worth $30,000 after buying an additional 188 shares during the period. Dagco Inc. bought a new position in shares of Shopify in the 1st quarter worth about $30,000. Finally, Global Wealth Strategies & Associates lifted 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 valued at $30,000 after acquiring an additional 170 shares during the period. Hedge funds and other institutional investors own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Wedbush raised their target price on shares of Shopify from $115.00 to $160.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. KeyCorp restated an "overweight" rating and issued a $175.00 price target (up previously from $145.00) on shares of Shopify in a research note on Thursday, August 7th. Oppenheimer reiterated an "outperform" rating and set a $149.00 price objective on shares of Shopify in a research note on Tuesday. Arete reissued a "neutral" rating on shares of Shopify in a report on Wednesday, July 23rd. Finally, Robert W. Baird raised their price target on Shopify from $110.00 to $120.00 and gave the company an "outperform" rating in a report on Monday, July 14th. Twenty-two analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Shopify currently has an average rating of "Hold" and a consensus target price of $150.59.

Shopify Stock Performance

Shares of Shopify stock opened at $161.14 on Friday. The stock has a market cap of $209.43 billion, a P/E ratio of 90.02, a P/E/G ratio of 7.64 and a beta of 2.72. The stock's fifty day moving average is $142.78 and its 200 day moving average is $117.23. Shopify Inc. has a one year low of $69.84 and a one year high of $162.60.

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 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 business had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same quarter in the previous year, the company posted $0.26 earnings per share. Shopify's revenue for the quarter was up 31.1% on a year-over-year basis. Analysts predict that Shopify Inc. will post 1.12 EPS 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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