Pacific Sage Partners LLC Makes New Investment in Shopify Inc. $SHOP

Key Points

• Pacific Sage Partners LLC made a new investment in Shopify Inc., purchasing 2,053 shares valued at approximately $237,000 in the second quarter.
• Analysts have raised their price targets for Shopify, with UBS Group setting a price target of $145, while Oppenheimer increased theirs to $180, reflecting positive forecasts for the company.
• Shopify reported $2.68 billion in revenue for the last quarter, exceeding estimates of $2.55 billion, alongside an earnings per share of $0.35, beating projections of $0.29.

Pacific Sage Partners LLC purchased a new position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 2,053 shares of the software maker's stock, valued at approximately $237,000.

A number of other institutional investors also recently added to or reduced their stakes in SHOP. Brighton Jones LLC boosted its position in Shopify by 2.8% during the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock worth $2,252,000 after acquiring an additional 584 shares during the period. Two Sigma Advisers LP acquired a new position in Shopify during the 4th quarter worth $314,000. Total Wealth Planning & Management Inc. acquired a new position in Shopify during the 4th quarter worth $232,000. Centaurus Financial Inc. boosted its position in Shopify by 15.4% during the 4th quarter. Centaurus Financial Inc. now owns 1,496 shares of the software maker's stock worth $159,000 after acquiring an additional 200 shares during the period. Finally, Lansforsakringar Fondforvaltning AB publ acquired a new position in Shopify during the 4th quarter worth $29,322,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on SHOP shares. UBS Group upped their price objective on Shopify from $110.00 to $145.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Oppenheimer upped their price objective on Shopify from $145.00 to $180.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Barclays upped their target price on Shopify from $94.00 to $120.00 and gave the company an "equal weight" rating in a report on Thursday, August 7th. Evercore ISI upped their target price on Shopify from $120.00 to $170.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Finally, Loop Capital lowered Shopify from a "buy" rating to a "hold" rating and set a $120.00 price target on the stock. in a research report on Tuesday, July 22nd. Twenty-three equities research analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Shopify currently has an average rating of "Moderate Buy" and a consensus target price of $151.69.

Shopify Trading Down 0.7%

NASDAQ:SHOP opened at $148.83 on Thursday. The firm has a market capitalization of $193.43 billion, a price-to-earnings ratio of 83.15, a PEG ratio of 7.10 and a beta of 2.69. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $159.01. The business's fifty day moving average price is $139.40 and its 200 day moving average price is $114.47.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last issued its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, topping 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 analyst estimates of $2.55 billion. During the same period in the prior year, the firm posted $0.26 EPS. The business's revenue was up 31.1% compared to the same quarter last year. 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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