Faithward Advisors LLC Has $6.44 Million Stock Position in Shopify Inc. $SHOP

Key Points

• Faithward Advisors LLC reduced its position in Shopify by 6.6%, holding 67,424 shares valued at approximately $6.44 million, making it the 18th largest holding in their portfolio.
• Shopify reported a 31.1% year-over-year revenue increase to $2.68 billion and earnings per share of $0.35, exceeding analysts' expectations of $0.29 for the quarter.
• Several analysts have raised their price targets for Shopify, with Bank of America increasing theirs from $110 to $185, reflecting strong growth expectations for the company.

Faithward Advisors LLC decreased its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 6.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 67,424 shares of the software maker's stock after selling 4,788 shares during the period. Shopify accounts for approximately 1.1% of Faithward Advisors LLC's portfolio, making the stock its 18th biggest position. Faithward Advisors LLC's holdings in Shopify were worth $6,438,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. LRI Investments LLC boosted its position in Shopify by 9.8% in the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker's stock valued at $94,000 after buying an additional 79 shares during the last quarter. Quadcap Wealth Management LLC lifted its stake in shares of Shopify by 0.9% in the 1st quarter. Quadcap Wealth Management LLC now owns 11,133 shares of the software maker's stock valued at $1,063,000 after purchasing an additional 103 shares during the period. Fullcircle Wealth LLC lifted its stake in shares of Shopify by 2.7% in the 1st 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 during the period. Avidian Wealth Enterprises LLC lifted its stake in shares of Shopify by 3.4% in the 1st 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 during the period. Finally, SVB Wealth LLC lifted its stake in shares of Shopify by 2.2% in the 1st quarter. SVB Wealth LLC now owns 5,415 shares of the software maker's stock valued at $517,000 after purchasing an additional 119 shares during the period. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Stock Up 1.2%

Shares of NYSE:SHOP opened at $146.82 on Monday. Shopify Inc. has a 12-month low of $65.86 and a 12-month high of $156.85. The stock has a market cap of $190.82 billion, a PE ratio of 94.72, a P/E/G ratio of 4.82 and a beta of 2.69. The business has a 50 day moving average of $130.92 and a 200-day moving average of $110.96.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. Shopify had a return on equity of 12.00% and a net margin of 22.74%.The company had revenue of $2.68 billion during the quarter, compared to analysts' expectations of $2.55 billion. During the same quarter in the previous year, the company posted $0.26 earnings per share. The business's revenue was up 31.1% on a year-over-year basis. Equities research analysts expect that Shopify Inc. will post 1.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SHOP has been the topic of a number of analyst reports. Bank of America increased their price target on Shopify from $110.00 to $185.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Robert W. Baird raised their price objective on Shopify from $110.00 to $120.00 and gave the company an "outperform" rating in a report on Monday, July 14th. TD Securities raised their price objective on Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Wells Fargo & Company raised their price objective on Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Finally, BMO Capital Markets raised their price objective on Shopify from $120.00 to $180.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Twenty-four 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 company. According to data from MarketBeat.com, Shopify currently has a consensus rating of "Moderate Buy" and a consensus target price of $150.27.

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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