1,803 Shares in Shopify Inc. $SHOP Purchased by Essex Savings Bank

Key Points

• Essex Savings Bank has acquired a new stake in Shopify Inc., purchasing 1,803 shares valued at approximately $208,000 in the second quarter of the year.
• Several institutional investors have also increased their positions in Shopify, with the company now being owned 69.27% by institutional investors and hedge funds.
• Following the latest earnings report, Shopify exceeded analysts' expectations with a reported $0.35 earnings per share against a consensus estimate of $0.29, contributing to a notable revenue increase of 31.1% year-over-year.

Essex Savings Bank purchased a new position in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,803 shares of the software maker's stock, valued at approximately $208,000.

Several other institutional investors have also recently made changes to their positions in the company. Family Legacy Financial Solutions LLC purchased a new position in Shopify in the second quarter worth $25,000. Fourth Dimension Wealth LLC purchased a new position in Shopify in the fourth quarter worth $30,000. Smithfield Trust Co grew its position in Shopify by 149.2% in the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock worth $30,000 after acquiring an additional 188 shares in the last quarter. Dagco Inc. purchased a new position in Shopify in the first quarter worth $30,000. Finally, Global Wealth Strategies & Associates grew its position in Shopify by 182.8% in the second quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker's stock worth $30,000 after acquiring an additional 170 shares in the last quarter. Institutional investors own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Truist Financial upped their target price on shares of Shopify from $95.00 to $150.00 and gave the stock a "hold" rating in a research report on Thursday, August 7th. Needham & Company LLC assumed coverage on shares of Shopify in a research report on Monday, July 14th. They issued a "buy" rating and a $135.00 target price for the company. Royal Bank Of Canada upped their price target on shares of Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. JPMorgan Chase & Co. upped their price target on shares of Shopify from $115.00 to $179.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Finally, The Goldman Sachs Group upped their price target on shares of Shopify from $120.00 to $176.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Twenty-three equities 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 stock. According to MarketBeat.com, Shopify currently has a consensus rating of "Moderate Buy" and an average price target of $151.69.

Shopify Stock Down 4.6%

Shares of NASDAQ:SHOP traded down $7.22 during midday trading on Tuesday, hitting $149.90. 4,086,396 shares of the stock traded hands, compared to its average volume of 9,792,032. The stock has a market capitalization of $194.82 billion, a PE ratio of 83.74, a P/E/G ratio of 7.26 and a beta of 2.69. The business's 50 day moving average is $138.13 and its two-hundred day moving average is $113.98. Shopify Inc. has a one year low of $69.84 and a one year high of $159.01.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, beating the consensus estimate of $0.29 by $0.06. The firm 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%. The company's quarterly revenue was up 31.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.26 earnings per share. As a group, sell-side analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current 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.