Inspire Investing LLC Takes Position in Shopify Inc. $SHOP

Key Points

• Inspire Investing LLC acquired a new stake in Shopify Inc., purchasing 24,354 shares valued at approximately $2.8 million during the 2nd quarter.
• Shopify shares are currently down 7.8%, with a market capitalization of $196.27 billion and a 12-month high of $169.69.
• Wall Street analysts show optimism for Shopify, with a consensus rating of "Hold" and an average target price of $151.95.

Inspire Investing LLC acquired a new stake in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 24,354 shares of the software maker's stock, valued at approximately $2,809,000.

Other institutional investors have also modified their holdings of the company. Family Legacy Financial Solutions LLC bought a new position in shares of Shopify during the 2nd quarter valued at about $25,000. Coastline Trust Co bought a new stake in Shopify in the 2nd quarter valued at approximately $29,000. Global Wealth Strategies & Associates lifted its stake in Shopify by 182.8% in the 2nd quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker's stock valued at $30,000 after acquiring an additional 170 shares in the last quarter. Smithfield Trust Co lifted its stake in Shopify by 149.2% in the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after acquiring an additional 188 shares in the last quarter. Finally, Dagco Inc. bought a new stake in Shopify in the 1st quarter valued at approximately $30,000. Institutional investors own 69.27% of the company's stock.

Shopify Stock Down 7.8%

Shares of Shopify stock opened at $151.02 on Friday. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $169.69. The business's 50 day moving average is $146.61 and its 200-day moving average is $119.06. The stock has a market cap of $196.27 billion, a P/E ratio of 84.37, a P/E/G ratio of 7.67 and a beta of 2.72.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings results 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. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The business had revenue of $2.68 billion for the quarter, compared to analysts' expectations of $2.55 billion. During the same quarter in the prior year, the business earned $0.26 EPS. The firm's revenue for the quarter was up 31.1% on a year-over-year basis. On average, sell-side analysts expect that Shopify Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Scotiabank restated a "sector perform" rating and issued a $150.00 target price (up previously from $115.00) on shares of Shopify in a research note on Thursday, August 7th. KeyCorp restated an "overweight" rating and issued a $175.00 target price (up previously from $145.00) on shares of Shopify in a research note on Thursday, August 7th. Stifel Nicolaus boosted their target price on Shopify from $110.00 to $150.00 and gave the company a "hold" rating in a research note on Thursday, August 7th. Phillip Securities cut Shopify from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, August 12th. Finally, Barclays boosted their target price on Shopify from $94.00 to $120.00 and gave the company an "equal weight" rating in a research note on Thursday, August 7th. Twenty-two analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $151.95.

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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