James J. Burns & Company LLC Invests $202,000 in Shopify Inc. $SHOP

Key Points

• James J. Burns & Company LLC invested $202,000 in Shopify, acquiring 1,753 shares during the 2nd quarter, reflecting ongoing institutional interest in the company.
• Shopify's earnings per share for the last quarter were $0.35, exceeding analysts' estimates, while revenue grew 31.1% year-over-year to $2.68 billion.
• Analysts have raised Shopify's price targets significantly, with TD Securities setting a new price objective of $170.00, indicating strong market confidence in the company's future performance.

James J. Burns & Company LLC purchased a new position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,753 shares of the software maker's stock, valued at approximately $202,000.

Several other institutional investors also recently bought and sold shares of SHOP. Brighton Jones LLC boosted its holdings in shares of Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock valued at $2,252,000 after acquiring an additional 584 shares in the last quarter. Two Sigma Advisers LP acquired a new stake in Shopify in the fourth quarter valued at about $314,000. Integrated Advisors Network LLC boosted its holdings in Shopify by 4.2% in the 4th quarter. Integrated Advisors Network LLC now owns 11,308 shares of the software maker's stock valued at $1,202,000 after purchasing an additional 458 shares in the last quarter. Brooklyn FI LLC purchased a new position in shares of Shopify during the 4th quarter worth approximately $452,000. Finally, Total Wealth Planning & Management Inc. acquired a new stake in shares of Shopify in the 4th quarter valued at approximately $232,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Down 4.6%

Shares of NASDAQ:SHOP opened at $149.94 on Wednesday. The company has a market cap of $194.87 billion, a P/E ratio of 83.77, a P/E/G ratio of 7.45 and a beta of 2.69. The business has a fifty day simple moving average of $138.83 and a 200-day simple moving average of $114.23. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $159.01.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. The firm had revenue of $2.68 billion for 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 firm's quarterly revenue was up 31.1% on a year-over-year basis. During the same period last year, the company earned $0.26 EPS. Sell-side analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

SHOP has been the topic of a number of recent analyst reports. TD Securities upped their price objective on Shopify from $145.00 to $170.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Bank of America increased their price target on shares of Shopify from $110.00 to $185.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Robert W. Baird boosted their price objective on shares of Shopify from $110.00 to $120.00 and gave the stock an "outperform" rating in a report on Monday, July 14th. Cantor Fitzgerald set a $156.00 target price on shares of Shopify and gave the stock a "neutral" rating in a research report on Wednesday, August 27th. Finally, Truist Financial increased their target price on shares of Shopify from $95.00 to $150.00 and gave the company a "hold" rating in a report on Thursday, August 7th. Twenty-three equities research analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $151.69.

About Shopify

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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