NTV Asset Management LLC Acquires New Position in Shopify Inc. $SHOP

Key Points

• NTV Asset Management LLC acquired a new position in Shopify Inc. during the second quarter, buying 1,845 shares valued at approximately $213,000.
• Analysts have recently increased their target prices for Shopify, with National Bankshares raising it from $140.00 to $180.00 and CIBC from $145.00 to $185.00.
• Shopify reported earnings of $0.35 per share for the last quarter, exceeding estimates and showcasing a 31.1% year-over-year revenue growth.

NTV Asset Management LLC acquired a new stake in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 1,845 shares of the software maker's stock, valued at approximately $213,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Family Legacy Financial Solutions LLC purchased a new position in Shopify during the second quarter valued at approximately $25,000. Coastline Trust Co purchased a new position in Shopify during the second quarter valued at approximately $29,000. Smithfield Trust Co grew its position in Shopify by 149.2% during the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after purchasing an additional 188 shares in the last quarter. Dagco Inc. purchased a new position in Shopify during the first quarter valued at approximately $30,000. Finally, Global Wealth Strategies & Associates grew its position in Shopify by 182.8% during the second quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker's stock valued at $30,000 after purchasing an additional 170 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SHOP has been the subject of a number of analyst reports. Arete Research upgraded shares of Shopify to a "hold" rating in a research note on Wednesday, July 23rd. National Bankshares boosted their target price on shares of Shopify from $140.00 to $180.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. CIBC boosted their target price on shares of Shopify from $145.00 to $185.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Weiss Ratings reissued a "hold (c)" rating on shares of Shopify in a research report on Saturday, September 27th. Finally, Mizuho boosted their target price 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. Twenty-two research analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $150.59.

Shopify Stock Performance

Shares of SHOP opened at $161.14 on Friday. The company has a 50-day simple moving average of $142.78 and a 200-day simple moving average of $117.23. The firm has a market capitalization of $209.43 billion, a P/E ratio of 90.02, a P/E/G ratio of 7.64 and a beta of 2.72. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $162.60.

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