Sax Wealth Advisors LLC Grows Position in Shopify Inc. $SHOP

Key Points

• Sax Wealth Advisors LLC increased its position in Shopify Inc. by 53.9% during the 1st quarter, holding 6,271 shares valued at $599,000.
• Shopify reported $2.68 billion in revenue for the last quarter, surpassing analyst estimates, with earnings of $0.35 EPS compared to the expected $0.29.
• Wall Street analysts have raised their price targets for Shopify, with several firms setting targets between $170.00 and $185.00, reflecting positive outlooks for the stock.

Sax Wealth Advisors LLC lifted its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 53.9% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,271 shares of the software maker's stock after buying an additional 2,195 shares during the quarter. Sax Wealth Advisors LLC's holdings in Shopify were worth $599,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. LRI Investments LLC raised its holdings in shares of Shopify by 9.8% during the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker's stock worth $94,000 after acquiring an additional 79 shares in the last quarter. Fullcircle Wealth LLC raised its holdings in shares of Shopify by 2.7% during the 1st quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker's stock worth $418,000 after acquiring an additional 110 shares in the last quarter. Avidian Wealth Enterprises LLC raised its holdings in shares of Shopify by 3.4% during the 1st quarter. Avidian Wealth Enterprises LLC now owns 3,533 shares of the software maker's stock worth $337,000 after acquiring an additional 116 shares in the last quarter. Pinnacle Financial Partners Inc raised its holdings in shares of Shopify by 4.0% during the 1st quarter. Pinnacle Financial Partners Inc now owns 3,233 shares of the software maker's stock worth $320,000 after acquiring an additional 125 shares in the last quarter. Finally, Accurate Wealth Management LLC raised its holdings in shares of Shopify by 4.0% during the 1st quarter. Accurate Wealth Management LLC now owns 3,408 shares of the software maker's stock worth $325,000 after acquiring an additional 131 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Stock Performance

NYSE:SHOP opened at $142.11 on Friday. The stock's fifty day moving average is $124.55 and its 200 day moving average is $109.83. Shopify Inc. has a fifty-two week low of $65.86 and a fifty-two week high of $156.85. The firm has a market capitalization of $184.69 billion, a PE ratio of 91.68, a PEG ratio of 4.82 and a beta of 2.63.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released its quarterly 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. Shopify had a return on equity of 12.00% and a net margin of 22.74%.The company had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. During the same quarter in the prior year, the firm posted $0.26 EPS. Shopify's quarterly revenue was up 31.1% compared to the same quarter last year. Equities analysts forecast that Shopify Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several recent research reports. BMO Capital Markets upped their price objective on Shopify from $120.00 to $180.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Evercore ISI upped their price objective on Shopify from $120.00 to $170.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. CIBC upped their price objective on Shopify from $145.00 to $185.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. DA Davidson upped their price objective on Shopify from $125.00 to $185.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Finally, Scotiabank reaffirmed a "sector perform" rating and set a $150.00 price objective (up from $115.00) on shares of Shopify in a report on Thursday, August 7th. Twenty-four equities research analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $148.51.

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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