LVW Advisors LLC Buys 2,098 Shares of Shopify Inc. $SHOP

Key Points

• LVW Advisors LLC increased its stake in Shopify Inc. by 75.8%, purchasing an additional 2,098 shares, bringing its total holdings to 4,864 shares valued at approximately $561,000.
• Several institutional investors, including Vanguard Group and Mackenzie Financial Corp, have also increased their positions in Shopify, highlighting strong institutional interest in the stock.
• Shopify reported earnings of $0.35 per share, surpassing estimates, with revenues increasing by 31.1% year-over-year to $2.68 billion.

LVW Advisors LLC boosted its holdings in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 75.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,864 shares of the software maker's stock after buying an additional 2,098 shares during the quarter. LVW Advisors LLC's holdings in Shopify were worth $561,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in SHOP. Vanguard Group Inc. grew its position in Shopify by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker's stock valued at $4,563,106,000 after purchasing an additional 882,168 shares during the period. Mackenzie Financial Corp increased its holdings in Shopify by 19.7% in the 1st quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock worth $822,745,000 after acquiring an additional 1,426,406 shares during the last quarter. Nuveen LLC purchased a new stake in Shopify in the 1st quarter worth about $667,392,000. Canada Pension Plan Investment Board grew its holdings in Shopify by 34.4% during the 1st quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker's stock valued at $565,504,000 after buying an additional 1,522,573 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in Shopify by 21.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker's stock valued at $539,382,000 after buying an additional 979,598 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Atb Cap Markets lowered Shopify from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 6th. JMP Securities upped their target price on Shopify from $135.00 to $185.00 and gave the company a "market outperform" rating in a report on Thursday, August 7th. JPMorgan Chase & Co. increased their price objective on Shopify from $115.00 to $179.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Wells Fargo & Company raised their price target on Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Finally, Arete reaffirmed a "neutral" rating on shares of Shopify in a research report on Wednesday, July 23rd. Twenty-three investment analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $151.69.

Shopify Trading Down 2.2%

Shares of SHOP opened at $140.25 on Friday. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $159.01. The business's 50 day moving average is $140.00 and its 200 day moving average is $115.28. The company has a market capitalization of $182.28 billion, a PE ratio of 78.35, a price-to-earnings-growth ratio of 6.65 and a beta of 2.69.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. The business had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The company's revenue was up 31.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.26 EPS. Equities research analysts predict that Shopify Inc. will post 1.12 earnings per share for the current year.

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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