Goldstein Advisors LLC Takes $314,000 Position in Shopify Inc. $SHOP

Key Points

• Goldstein Advisors LLC has taken a new position in Shopify Inc., investing $314,000 for 2,721 shares in the second quarter, as reported in its latest SEC filing.
• Shopify's recent quarterly earnings beat analyst expectations, reporting a 31.1% year-over-year increase in revenue with an EPS of $0.35 against a consensus estimate of $0.29.
• Wall Street analysts show strong confidence in Shopify, with a consensus rating of "Moderate Buy" and an average price target of $152.76.

Goldstein Advisors LLC acquired a new stake in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,721 shares of the software maker's stock, valued at approximately $314,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Shopify by 1.9% during the first quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker's stock valued at $4,563,106,000 after acquiring an additional 882,168 shares in the last quarter. Mackenzie Financial Corp increased its holdings in shares of Shopify by 19.7% during the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock valued at $822,745,000 after acquiring an additional 1,426,406 shares in the last quarter. Nuveen LLC bought a new stake in shares of Shopify during the first quarter valued at approximately $667,392,000. Canada Pension Plan Investment Board increased its holdings in shares of Shopify by 34.4% during the first quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker's stock valued at $565,504,000 after acquiring an additional 1,522,573 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in shares of Shopify by 21.0% during the first quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker's stock valued at $539,382,000 after acquiring an additional 979,598 shares in the last quarter. Institutional investors own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on SHOP shares. Weiss Ratings restated a "hold (c)" rating on shares of Shopify in a report on Wednesday, October 8th. Loop Capital lowered Shopify from a "buy" rating to a "hold" rating and set a $120.00 price target for the company. in a research report on Tuesday, July 22nd. Barclays increased their price target on Shopify from $94.00 to $120.00 and gave the company an "equal weight" rating in a research report on Thursday, August 7th. Robert W. Baird increased their price target on Shopify from $160.00 to $170.00 and gave the company an "outperform" rating in a research report on Tuesday, October 7th. Finally, National Bankshares increased their price target on Shopify from $140.00 to $180.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, twenty-two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Shopify has a consensus rating of "Moderate Buy" and an average price target of $152.76.

Shopify Price Performance

Shares of NASDAQ:SHOP opened at $157.76 on Friday. The company has a market capitalization of $205.03 billion, a PE ratio of 88.13, a price-to-earnings-growth ratio of 7.39 and a beta of 2.72. The business has a fifty day moving average price of $148.00 and a two-hundred day moving average price of $121.13. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $169.69.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 return on equity of 12.30% and a net margin of 23.42%.The business's revenue for the quarter was up 31.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.26 EPS. Sell-side analysts anticipate 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.

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