NewEdge Advisors LLC Increases Stock Holdings in Shopify Inc. $SHOP

Key Points

• NewEdge Advisors LLC increased its stake in Shopify Inc. by 40.5% in Q1, owning 83,538 shares valued at approximately $7.97 million.
• Shopify recently reported a quarterly earnings per share of $0.35, exceeding estimates, with revenue of $2.68 billion, up 31.1% year-over-year.
• Institutional investors currently hold 69.27% of Shopify's stock, highlighting significant institutional interest in the company.

NewEdge Advisors LLC increased its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 40.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 83,538 shares of the software maker's stock after purchasing an additional 24,070 shares during the period. NewEdge Advisors LLC's holdings in Shopify were worth $7,974,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of SHOP. Brighton Jones LLC boosted its stake in Shopify by 2.8% in the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock worth $2,252,000 after purchasing an additional 584 shares in the last quarter. Captrust Financial Advisors boosted its stake in Shopify by 5.4% in the 4th quarter. Captrust Financial Advisors now owns 30,660 shares of the software maker's stock worth $3,260,000 after purchasing an additional 1,568 shares in the last quarter. CoreCap Advisors LLC boosted its stake in Shopify by 69.1% in the 4th quarter. CoreCap Advisors LLC now owns 2,959 shares of the software maker's stock worth $315,000 after purchasing an additional 1,209 shares in the last quarter. Focus Partners Wealth boosted its stake in Shopify by 55.6% in the 4th quarter. Focus Partners Wealth now owns 268,814 shares of the software maker's stock worth $28,610,000 after purchasing an additional 96,033 shares in the last quarter. Finally, Guardian Wealth Advisors LLC NC boosted its stake in Shopify by 25.1% in the 4th quarter. Guardian Wealth Advisors LLC NC now owns 4,899 shares of the software maker's stock worth $521,000 after purchasing an additional 984 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Price Performance

NYSE:SHOP opened at $146.82 on Monday. The firm has a market cap of $190.82 billion, a price-to-earnings ratio of 94.72, a price-to-earnings-growth ratio of 4.82 and a beta of 2.69. The company has a 50 day moving average price of $130.92 and a 200-day moving average price of $110.96. Shopify Inc. has a 1-year low of $65.86 and a 1-year high of $156.85.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last posted 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. The firm had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. Shopify had a net margin of 22.74% and a return on equity of 12.00%. The business's quarterly revenue was up 31.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.26 EPS. On average, sell-side analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SHOP. Wedbush lifted their target price on shares of Shopify from $115.00 to $160.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Phillip Securities lowered shares of Shopify from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, August 12th. BMO Capital Markets raised their price target on shares of Shopify from $120.00 to $180.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Stifel Nicolaus raised 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. Finally, Cantor Fitzgerald set a $156.00 price target on shares of Shopify and gave the stock a "neutral" rating in a research report on Wednesday, August 27th. Twenty-four equities research analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Shopify presently has an average rating of "Moderate Buy" and an average target price of $150.27.

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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