KG&L Capital Management LLC Acquires 2,720 Shares of Shopify Inc. $SHOP

Key Points

• KG&L Capital Management LLC has increased its stake in Shopify Inc. by 50.8%, acquiring an additional 2,720 shares, bringing its total to 8,072 shares worth approximately $931,000.
• Shopify reported $2.68 billion in revenue for the last quarter, exceeding analysts' estimates of $2.55 billion, and reported earnings per share of $0.35, beating expectations by $0.06.
• Bank of America raised Shopify's target price from $110.00 to $185.00 with a "buy" rating, contributing to a consensus rating of "Moderate Buy" among analysts.

KG&L Capital Management LLC increased its position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 50.8% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,072 shares of the software maker's stock after buying an additional 2,720 shares during the period. KG&L Capital Management LLC's holdings in Shopify were worth $931,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Family Legacy Financial Solutions LLC bought a new stake in Shopify in the second quarter valued at $25,000. Global Wealth Strategies & Associates grew its holdings in shares of Shopify by 182.8% during the second quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker's stock valued at $30,000 after buying an additional 170 shares during the last quarter. Smithfield Trust Co grew its position in Shopify by 149.2% in the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock worth $30,000 after purchasing an additional 188 shares in the last quarter. Dagco Inc. bought a new stake in Shopify in the 1st quarter worth about $30,000. Finally, Cary Street Partners Investment Advisory LLC grew its position in Shopify by 86.8% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock worth $34,000 after purchasing an additional 165 shares in the last quarter. Institutional investors own 69.27% of the company's stock.

Shopify Trading Down 2.2%

Shares of SHOP opened at $140.25 on Friday. The firm's 50-day moving average price is $140.00 and its 200-day moving average price is $115.28. The firm has a market capitalization of $182.28 billion, a price-to-earnings ratio of 78.35, a PEG ratio of 6.65 and a beta of 2.69. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $159.01.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last announced its 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. The firm had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The company's revenue for the quarter was up 31.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.26 EPS. On average, research analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Bank of America increased their target price on shares of Shopify from $110.00 to $185.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Arete reiterated a "neutral" rating on shares of Shopify in a research note on Wednesday, July 23rd. Phillip Securities cut shares of Shopify from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, August 12th. Needham & Company LLC assumed coverage on shares of Shopify in a research report on Monday, July 14th. They set a "buy" rating and a $135.00 price objective on the stock. Finally, ATB Capital cut shares of Shopify to a "sector perform" rating in a research report on Thursday, August 7th. Twenty-three research analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $151.69.

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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