Lyell Wealth Management LP Increases Position in Shopify Inc. $SHOP

Key Points

• Lyell Wealth Management LP increased its stake in Shopify Inc. by 2.8%, holding 164,816 shares valued at approximately $19 million, which constitutes about 1.5% of their portfolio.
• Shopify's stock received a boost in target prices from analysts, with CIBC raising it to $185.00, while the overall consensus rating for Shopify is a "Moderate Buy" with an average target price of $152.76.
• In its recent earnings report, Shopify posted earnings of $0.35 per share, exceeding estimates, with revenues of $2.68 billion reflecting a 31.1% year-over-year increase.

Lyell Wealth Management LP increased its holdings in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 2.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 164,816 shares of the software maker's stock after buying an additional 4,558 shares during the quarter. Shopify accounts for about 1.5% of Lyell Wealth Management LP's portfolio, making the stock its 17th largest position. Lyell Wealth Management LP's holdings in Shopify were worth $19,012,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Hummer Financial Advisory Services Inc grew its stake in Shopify by 3.8% during the 2nd quarter. Hummer Financial Advisory Services Inc now owns 2,595 shares of the software maker's stock worth $299,000 after buying an additional 95 shares during the last quarter. Salem Investment Counselors Inc. grew its stake in Shopify by 16.7% during the 2nd quarter. Salem Investment Counselors Inc. now owns 700 shares of the software maker's stock worth $81,000 after buying an additional 100 shares during the last quarter. Moseley Investment Management Inc. grew its stake in Shopify by 2.8% during the 2nd quarter. Moseley Investment Management Inc. now owns 3,674 shares of the software maker's stock worth $424,000 after buying an additional 100 shares during the last quarter. Tradewinds Capital Management LLC grew its stake in Shopify by 71.4% during the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker's stock worth $28,000 after buying an additional 100 shares during the last quarter. Finally, Quadcap Wealth Management LLC grew its stake in Shopify by 0.9% during the 1st quarter. Quadcap Wealth Management LLC now owns 11,133 shares of the software maker's stock worth $1,063,000 after buying an additional 103 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on SHOP shares. CIBC boosted their target price on Shopify from $145.00 to $185.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Loop Capital downgraded Shopify from a "buy" rating to a "hold" rating and set a $120.00 target price on the stock. in a research note on Tuesday, July 22nd. Stifel Nicolaus upped their target price on Shopify from $110.00 to $150.00 and gave the stock a "hold" rating in a research note on Thursday, August 7th. TD Cowen restated a "hold" rating and issued a $156.00 target price on shares of Shopify in a research note on Friday, October 3rd. Finally, DA Davidson upped their target price on Shopify from $125.00 to $185.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twenty-two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $152.76.

Shopify Trading Up 0.8%

NASDAQ SHOP opened at $157.76 on Monday. The stock has a market capitalization of $205.03 billion, a price-to-earnings ratio of 88.13, a PEG ratio of 7.39 and a beta of 2.72. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $169.69. The stock has a 50-day moving average of $148.00 and a 200 day moving average of $121.40.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last released its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. The company had revenue of $2.68 billion during the quarter, compared to analysts' expectations of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.Shopify'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 EPS. Equities analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal year.

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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