Essex Savings Bank Purchases Shares of 1,803 Shopify Inc. $SHOP

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 shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,803 shares of the software maker's stock, valued at approximately $208,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Brighton Jones LLC boosted its holdings in Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock valued at $2,252,000 after purchasing an additional 584 shares during the last quarter. Two Sigma Advisers LP purchased a new position in Shopify in the fourth quarter valued at about $314,000. Waverly Advisors LLC boosted its holdings in Shopify by 185.1% in the fourth quarter. Waverly Advisors LLC now owns 8,781 shares of the software maker's stock valued at $934,000 after purchasing an additional 5,701 shares during the last quarter. Fourth Dimension Wealth LLC purchased a new position in Shopify in the fourth quarter valued at about $30,000. Finally, Parr Mcknight Wealth Management Group LLC purchased a new position in Shopify in the fourth quarter valued at about $287,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Trading Up 2.5%

SHOP traded up $3.82 during trading hours on Monday, hitting $157.12. The company's stock had a trading volume of 7,010,807 shares, compared to its average volume of 9,825,258. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $159.01. The firm has a market capitalization of $204.20 billion, a PE ratio of 87.78, a PEG ratio of 7.26 and a beta of 2.69. The company has a 50-day simple moving average of $137.32 and a 200 day simple moving average of $113.58.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted its 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 for the quarter, compared to analysts' expectations of $2.55 billion. During the same period last year, the firm earned $0.26 EPS. The firm's revenue was up 31.1% compared to the same quarter last year. Research analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SHOP has been the subject of a number of analyst reports. JPMorgan Chase & Co. increased their price target on Shopify from $115.00 to $179.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. UBS Group upped their price objective on Shopify from $110.00 to $145.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Loop Capital cut Shopify from a "buy" rating to a "hold" rating and set a $120.00 price objective on the stock. in a research note on Tuesday, July 22nd. Stifel Nicolaus upped their price objective on Shopify from $110.00 to $150.00 and gave the company a "hold" rating in a research note on Thursday, August 7th. Finally, Robert W. Baird upped their price objective on Shopify from $110.00 to $120.00 and gave the company an "outperform" rating in a research note on Monday, July 14th. Twenty-three research analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Shopify currently has an average rating of "Moderate Buy" and an average price target of $151.69.

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.