IFP Advisors Inc Grows Holdings in Shopify Inc. $SHOP

Key Points

• IFP Advisors Inc increased its stake in Shopify by 113.6%, owning 21,750 shares valued at approximately $2.5 million at the end of the second quarter.
• Notable institutional investments include Mirae Asset Global Investments, which grew its stake by 171.3%, now holding 423,295 shares worth $48.8 million.
• Shopify's earnings report showed a 31.1% increase in quarterly revenue year-over-year, with earnings per share of $0.35, exceeding analyst expectations of $0.29.

IFP Advisors Inc grew its stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 113.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,750 shares of the software maker's stock after buying an additional 11,568 shares during the period. IFP Advisors Inc's holdings in Shopify were worth $2,509,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. grew its stake in Shopify by 171.3% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker's stock worth $48,827,000 after buying an additional 267,271 shares in the last quarter. Worth Asset Management LLC purchased a new stake in Shopify in the second quarter worth approximately $236,000. Avior Wealth Management LLC grew its position in Shopify by 32.6% during the second quarter. Avior Wealth Management LLC now owns 13,609 shares of the software maker's stock valued at $1,570,000 after acquiring an additional 3,347 shares during the last quarter. 111 Capital bought a new position in Shopify during the second quarter valued at approximately $1,719,000. Finally, Integrity Alliance LLC. bought a new position in Shopify during the first quarter valued at approximately $211,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SHOP. CIBC increased their price target on shares of Shopify from $145.00 to $185.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Wedbush increased their price target on shares of Shopify from $115.00 to $160.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Arete Research upgraded shares of Shopify to a "hold" rating in a research report on Wednesday, July 23rd. Weiss Ratings reiterated a "hold (c)" rating on shares of Shopify in a research report on Wednesday. Finally, Benchmark reiterated a "buy" rating and set a $140.00 price target (up from $125.00) on shares of Shopify in a research report on Tuesday, August 5th. Twenty-two investment analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Shopify currently has a consensus rating of "Hold" and an average price target of $151.95.

Shopify Stock Performance

NASDAQ:SHOP opened at $151.02 on Friday. The firm has a market cap of $196.27 billion, a PE ratio of 84.37, a price-to-earnings-growth ratio of 7.67 and a beta of 2.72. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $169.69. The business has a 50 day moving average price of $146.61 and a 200-day moving average price of $119.06.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last released its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share 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 analyst estimates of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The business's quarterly revenue was up 31.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.26 earnings per share. Research analysts predict 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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