McElhenny Sheffield Capital Management LLC Buys Shares of 7,938 Shopify Inc. $SHOP

McElhenny Sheffield Capital Management LLC bought a new stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 7,938 shares of the software maker's stock, valued at approximately $916,000.

Other hedge funds also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. lifted its stake in Shopify by 171.3% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker's stock valued at $48,827,000 after buying an additional 267,271 shares during the last quarter. Worth Asset Management LLC bought a new stake in shares of Shopify during the second quarter valued at about $236,000. Avior Wealth Management LLC raised its stake in shares of Shopify by 32.6% during the second quarter. Avior Wealth Management LLC now owns 13,609 shares of the software maker's stock valued at $1,570,000 after purchasing an additional 3,347 shares in the last quarter. 111 Capital bought a new stake in shares of Shopify during the second quarter valued at about $1,719,000. Finally, Integrity Alliance LLC. bought a new stake in shares of Shopify during the first quarter valued at about $211,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Price Performance

NASDAQ:SHOP opened at $166.43 on Thursday. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $169.69. The stock's 50-day moving average is $145.13 and its two-hundred day moving average is $118.40. The stock has a market cap of $216.30 billion, a PE ratio of 92.98, a price-to-earnings-growth ratio of 7.55 and a beta of 2.72.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last released its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The company had revenue of $2.68 billion for the quarter, compared to analysts' expectations of $2.55 billion. During the same quarter in the previous year, the business posted $0.26 EPS. The business's revenue for the quarter was up 31.1% on a year-over-year basis. On average, equities research analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on SHOP. Royal Bank Of Canada lifted their price objective on shares of Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Mizuho boosted their price target on shares of Shopify from $85.00 to $150.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Stifel Nicolaus boosted their price target on shares of Shopify from $110.00 to $150.00 and gave the stock a "hold" rating in a research report on Thursday, August 7th. UBS Group boosted their price target on shares of Shopify from $110.00 to $145.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Finally, Benchmark reiterated a "buy" rating and issued a $140.00 price target (up from $125.00) on shares of Shopify in a research report on Tuesday, August 5th. Twenty-two research analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Shopify currently has a consensus rating of "Hold" and an average 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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