HB Wealth Management LLC Has $32.20 Million Stock Holdings in Shopify Inc. $SHOP

Key Points

• HB Wealth Management increased its Shopify stake by 2,377.7% in the second quarter, ending with 282,009 shares valued at approximately $32.2 million.
• Institutional investors and hedge funds own 69.27% of Shopify, with major firms including Norges Bank, Invesco, Sands Capital Management, and Select Equity Group expanding their positions.
• Shopify’s latest quarterly revenue rose 33.7% year over year to $3.58 billion, while adjusted EPS of $0.42 exceeded estimates. Analysts maintain a “Moderate Buy” consensus with an average price target of $170.84.

HB Wealth Management LLC grew its position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 2,377.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 282,009 shares of the software maker's stock after buying an additional 270,627 shares during the period. HB Wealth Management LLC's holdings in Shopify were worth $32,200,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new position in shares of Shopify in the fourth quarter valued at about $2,611,797,000. Sands Capital Management LLC raised its stake in Shopify by 37.0% in the 4th quarter. Sands Capital Management LLC now owns 9,506,036 shares of the software maker's stock worth $1,530,187,000 after purchasing an additional 2,568,765 shares in the last quarter. Invesco Ltd. raised its stake in Shopify by 9.8% in the 4th quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker's stock worth $2,257,796,000 after purchasing an additional 1,252,074 shares in the last quarter. Thrivent Financial for Lutherans boosted its holdings in Shopify by 7,207.2% in the 4th quarter. Thrivent Financial for Lutherans now owns 1,148,259 shares of the software maker's stock valued at $184,883,000 after purchasing an additional 1,132,545 shares during the period. Finally, Select Equity Group L.P. boosted its holdings in Shopify by 92.5% in the 2nd quarter. Select Equity Group L.P. now owns 2,246,473 shares of the software maker's stock valued at $259,124,000 after purchasing an additional 1,079,494 shares during the period. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Stock Performance

NASDAQ SHOP opened at $145.09 on Friday. The company has a current ratio of 5.35, a quick ratio of 5.35 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $186.68 billion, a price-to-earnings ratio of 98.03, a P/E/G ratio of 2.96 and a beta of 2.61. The firm's 50 day simple moving average is $134.20 and its 200 day simple moving average is $122.69. Shopify Inc. has a 1 year low of $94.00 and a 1 year high of $182.19.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings data on Wednesday, August 5th. The software maker reported $0.42 EPS for the quarter, beating the consensus estimate of $0.40 by $0.02. Shopify had a net margin of 14.53% and a return on equity of 12.58%. The business had revenue of $3.58 billion during the quarter. During the same quarter in the prior year, the firm earned $0.69 earnings per share. The firm's revenue for the quarter was up 33.7% on a year-over-year basis. As a group, research analysts expect that Shopify Inc. will post 1.45 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several recent research reports. BMO Capital Markets set a $165.00 target price on shares of Shopify and gave the stock an "outperform" rating in a report on Thursday, August 6th. Morgan Stanley cut Shopify from an "overweight" rating to a "buy" rating in a research note on Monday, July 13th. Canaccord Genuity Group set a $180.00 price target on Shopify and gave the stock a "buy" rating in a research report on Wednesday, August 5th. UBS Group restated a "neutral" rating and set a $145.00 price objective (up from $130.00) on shares of Shopify in a research note on Thursday, August 6th. Finally, Truist Financial set a $180.00 price objective on Shopify and gave the company a "buy" rating in a report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $170.84.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.

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