Ritholtz Wealth Management Buys 4,782 Shares of Shopify Inc. $SHOP

Key Points

• Ritholtz Wealth Management increased its stake in Shopify by 20.7%, acquiring an additional 4,782 shares during the second quarter, bringing its total holdings to 27,936 shares valued at approximately $3.22 million.
• Shopify reported better-than-expected earnings, with $0.35 EPS surpassing analysts' estimates of $0.29, and a revenue of $2.68 billion for the quarter, representing a 31.1% year-over-year growth.
• Following positive earnings, several analysts upgraded their price targets for Shopify, with Wedbush and National Bankshares increasing their targets to $160.00 and $180.00 respectively, reflecting strong market sentiment.

Ritholtz Wealth Management raised its stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 20.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 27,936 shares of the software maker's stock after acquiring an additional 4,782 shares during the period. Ritholtz Wealth Management's holdings in Shopify were worth $3,222,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Family Legacy Financial Solutions LLC bought a new stake in Shopify in the 2nd quarter valued at $25,000. Coastline Trust Co bought a new stake in shares of Shopify in the second quarter worth about $29,000. Global Wealth Strategies & Associates increased its holdings in shares of Shopify by 182.8% in the second quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker's stock worth $30,000 after purchasing an additional 170 shares during the last quarter. Smithfield Trust Co increased its holdings in shares of Shopify by 149.2% in the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock worth $30,000 after purchasing an additional 188 shares during the last quarter. Finally, Dagco Inc. bought a new stake in Shopify in the 1st quarter worth approximately $30,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Trading Up 2.2%

Shares of NASDAQ:SHOP opened at $156.21 on Thursday. The company has a market capitalization of $203.02 billion, a price-to-earnings ratio of 87.27, a PEG ratio of 7.16 and a beta of 2.72. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $169.69. The firm's 50-day moving average is $147.72 and its 200 day moving average is $120.16.

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

Analyst Upgrades and Downgrades

SHOP has been the topic of a number of research reports. Wedbush lifted their price objective on Shopify from $115.00 to $160.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. National Bankshares boosted their price target 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. Weiss Ratings restated a "hold (c)" rating on shares of Shopify in a report on Wednesday, October 8th. Mizuho boosted their target price on shares of Shopify from $85.00 to $150.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Finally, The Goldman Sachs Group boosted their price objective on Shopify from $120.00 to $176.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Twenty-two analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $151.95.

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.

Want to see what other hedge funds are holding SHOP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.