Moran Wealth Management LLC Takes Position in Shopify Inc. $SHOP

Key Points

• Moran Wealth Management LLC has acquired a new stake in Shopify Inc., purchasing 1,800 shares valued at approximately $208,000 during the second quarter.
• Analysts have mixed ratings for Shopify, with a consensus target price of $152.76 and a majority holding a "Buy" rating.
• Shopify reported a strong quarterly performance with earnings per share of $0.35, exceeding expectations and a revenue of $2.68 billion, reflecting a 31.1% year-over-year increase.

Moran Wealth Management LLC acquired a new stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,800 shares of the software maker's stock, valued at approximately $208,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Hummer Financial Advisory Services Inc increased its holdings in Shopify by 3.8% in the 2nd quarter. Hummer Financial Advisory Services Inc now owns 2,595 shares of the software maker's stock worth $299,000 after acquiring an additional 95 shares in 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 valued at $81,000 after acquiring an additional 100 shares in the last quarter. Moseley Investment Management Inc. grew its position in shares of Shopify by 2.8% in the second quarter. Moseley Investment Management Inc. now owns 3,674 shares of the software maker's stock valued at $424,000 after purchasing an additional 100 shares in the last quarter. Quadcap Wealth Management LLC grew its position in shares of Shopify by 0.9% in the first quarter. Quadcap Wealth Management LLC now owns 11,133 shares of the software maker's stock valued at $1,063,000 after purchasing an additional 103 shares in the last quarter. Finally, Centurion Wealth Management LLC grew its position in shares of Shopify by 1.7% in the second quarter. Centurion Wealth Management LLC now owns 6,339 shares of the software maker's stock valued at $731,000 after purchasing an additional 103 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Cantor Fitzgerald set a $156.00 target price on Shopify and gave the company a "neutral" rating in a report on Wednesday, August 27th. JPMorgan Chase & Co. upped their price objective on shares of Shopify from $115.00 to $179.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Canaccord Genuity Group upped their price objective on shares of Shopify from $115.00 to $165.00 and gave the company a "buy" rating in a report on Thursday, August 7th. TD Securities increased their price target on shares of Shopify from $130.00 to $156.00 and gave the company a "hold" rating in a research note on Friday, October 3rd. Finally, Wedbush increased their price objective on Shopify from $115.00 to $160.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, twenty-two have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $152.76.

Shopify Stock Performance

Shares of SHOP opened at $157.76 on Friday. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $169.69. The stock has a 50-day simple moving average of $148.00 and a 200-day simple moving average of $120.99. The stock has a market capitalization of $205.03 billion, a PE ratio of 88.13, a PEG ratio of 7.33 and a beta of 2.72.

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 the consensus estimate of $0.29 by $0.06. The business had revenue of $2.68 billion during the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same period in the previous year, the company earned $0.26 EPS. Analysts predict that Shopify Inc. will post 1.12 EPS for the current year.

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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