Sequoia Financial Advisors LLC Increases Stock Position in Shopify Inc. $SHOP

Key Points

• Sequoia Financial Advisors LLC increased its holdings in Shopify Inc. by 13.0% during Q2, resulting in ownership of 19,751 shares valued at $2,278,000.
• Analysts have boosted price targets for Shopify, with Canaccord Genuity raising it from $115 to $165 and JPMorgan increasing their target to $179, while the stock currently has a consensus rating of “Hold”.
• Shopify reported a 31.1% year-over-year revenue increase in its last quarterly earnings, with an EPS of $0.35 that exceeded estimates by $0.06.

Sequoia Financial Advisors LLC raised its holdings in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 13.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,751 shares of the software maker's stock after purchasing an additional 2,275 shares during the quarter. Sequoia Financial Advisors LLC's holdings in Shopify were worth $2,278,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in SHOP. Family Legacy Financial Solutions LLC purchased a new stake in Shopify in the 2nd quarter valued at approximately $25,000. Coastline Trust Co purchased a new stake in Shopify in the 2nd quarter valued at approximately $29,000. Smithfield Trust Co boosted its holdings in Shopify by 149.2% in the 1st 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 stake in Shopify in the 1st quarter valued at approximately $30,000. Finally, Global Wealth Strategies & Associates boosted its holdings in Shopify by 182.8% in the 2nd 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. Hedge funds and other institutional investors own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Canaccord Genuity Group boosted their price target on Shopify from $115.00 to $165.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Weiss Ratings reissued a "hold (c)" rating on shares of Shopify in a research note on Wednesday, October 8th. JMP Securities boosted their price target on Shopify from $135.00 to $185.00 and gave the stock a "market outperform" rating in a research note on Thursday, August 7th. Scotiabank reissued a "sector perform" rating and set a $150.00 price target (up previously from $115.00) on shares of Shopify in a research note on Thursday, August 7th. Finally, JPMorgan Chase & Co. boosted their price target on Shopify from $115.00 to $179.00 and gave the stock an "overweight" rating in a research note 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 given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $151.95.

Shopify Stock Up 2.2%

SHOP stock opened at $156.21 on Thursday. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $169.69. The stock's fifty day simple moving average is $147.72 and its 200-day simple moving average is $120.16. The stock has a market capitalization of $203.02 billion, a price-to-earnings ratio of 87.27, a price-to-earnings-growth ratio of 7.16 and a beta of 2.72.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings data 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 business had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The business's revenue for the quarter was up 31.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.26 earnings per share. As a group, analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

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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