Freedom Investment Management Inc. Grows Stake in Shopify Inc. $SHOP

Key Points

• Freedom Investment Management Inc. increased its stake in Shopify Inc. by 68.7% in Q2, holding 12,037 shares valued at approximately $1.39 million.
• In addition to Freedom Investment, several institutional investors also bought or increased their holdings in Shopify, with hedge funds owning 69.27% of the stock.
• Shopify recently reported earnings of $0.35 EPS, exceeding analyst expectations, with a revenue of $2.68 billion, up 31.1% year-over-year.

Freedom Investment Management Inc. increased its stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 68.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,037 shares of the software maker's stock after acquiring an additional 4,901 shares during the period. Freedom Investment Management Inc.'s holdings in Shopify were worth $1,388,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Family Legacy Financial Solutions LLC bought a new stake in Shopify in the second quarter worth about $25,000. Tradewinds Capital Management LLC lifted its stake in Shopify by 71.4% in the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker's stock worth $28,000 after purchasing an additional 100 shares during the last quarter. Coastline Trust Co bought a new stake in Shopify in the second quarter worth about $29,000. Smithfield Trust Co lifted its stake 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 purchasing an additional 188 shares during the last quarter. Finally, Dagco Inc. bought a new stake in Shopify in the first quarter worth about $30,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Analyst Ratings Changes

SHOP has been the subject of several analyst reports. Weiss Ratings reissued a "hold (c)" rating on shares of Shopify in a research note on Wednesday, October 8th. Phillip Securities downgraded shares of Shopify from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, August 12th. JMP Securities lifted their price target on shares of Shopify from $135.00 to $185.00 and gave the company a "market outperform" rating in a research note on Thursday, August 7th. Mizuho lifted their price target on shares of Shopify from $85.00 to $150.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Finally, Canaccord Genuity Group lifted their price target on shares of Shopify from $115.00 to $165.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twenty-two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Shopify has an average rating of "Moderate Buy" and a consensus price target of $153.30.

Shopify Stock Up 3.1%

Shares of NASDAQ:SHOP opened at $167.03 on Friday. The company has a market capitalization of $217.08 billion, a price-to-earnings ratio of 93.31, a price-to-earnings-growth ratio of 7.58 and a beta of 2.72. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $169.69. The firm has a 50 day moving average of $149.30 and a 200 day moving average of $123.18.

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, topping analysts' consensus estimates of $0.29 by $0.06. The company 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%. Shopify's revenue for the quarter was up 31.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.26 earnings per share. On average, sell-side analysts expect 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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