Shopify Inc. $SHOP Shares Bought by Brooklyn Investment Group

Key Points

• Brooklyn Investment Group significantly increased its stake in Shopify Inc. by 559.6% during the first quarter, now owning 2,724 shares valued at approximately $260,000.
• Shopify reported earnings of $0.35 per share for its recent quarter, surpassing estimates and reflecting a revenue growth of 31.1% year-over-year.
• The company has garnered a consensus rating of "Moderate Buy" from analysts, with an average price target set at $148.51.

Brooklyn Investment Group increased its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 559.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,724 shares of the software maker's stock after acquiring an additional 2,311 shares during the quarter. Brooklyn Investment Group's holdings in Shopify were worth $260,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

A number of research firms recently weighed in on SHOP. Cantor Fitzgerald restated a "neutral" rating and issued a $91.00 price target on shares of Shopify in a research note on Wednesday, June 11th. Royal Bank Of Canada lifted their price target on Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Phillip Securities lowered Shopify from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, August 12th. DA Davidson boosted their price target on Shopify from $125.00 to $185.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Finally, Wedbush boosted their price target on Shopify from $115.00 to $160.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Twenty-four research analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $148.51.

Shopify Stock Up 4.0%

Shares of SHOP traded up $5.43 during mid-day trading on Friday, reaching $142.11. 7,645,265 shares of the company's stock were exchanged, compared to its average volume of 10,334,922. The company has a 50-day simple moving average of $124.55 and a two-hundred day simple moving average of $109.92. Shopify Inc. has a 52-week low of $65.86 and a 52-week high of $156.85. The company has a market cap of $184.69 billion, a price-to-earnings 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 posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. Shopify had a net margin of 22.74% and a return on equity of 12.00%. The business had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same quarter in the previous year, the business posted $0.26 earnings per share. The company's revenue was up 31.1% on a year-over-year basis. As a group, equities research analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal 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.