Shopify Inc. $SHOP Shares Bought by Ballentine Partners LLC

Key Points

• Ballentine Partners LLC increased its stake in Shopify by 229.5% in the second quarter, owning 14,661 shares worth approximately $1.69 million.
• Shopify reported a 31.1% year-over-year revenue growth for the recent quarter, with earnings per share of $0.35, surpassing analyst estimates.
• Multiple analysts raised their price targets for Shopify, with BMO Capital Markets and Oppenheimer setting new targets at $180, reflecting strong market confidence in the stock.

Ballentine Partners LLC grew its holdings in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 229.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,661 shares of the software maker's stock after purchasing an additional 10,211 shares during the period. Ballentine Partners LLC's holdings in Shopify were worth $1,691,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Family Legacy Financial Solutions LLC purchased a new stake in shares of Shopify during the 2nd quarter worth approximately $25,000. Global Wealth Strategies & Associates boosted its stake in shares of Shopify by 182.8% during the 2nd quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker's stock worth $30,000 after acquiring an additional 170 shares in the last quarter. Smithfield Trust Co boosted its stake in shares of Shopify by 149.2% during the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock worth $30,000 after acquiring an additional 188 shares in the last quarter. Dagco Inc. purchased a new stake in shares of Shopify during the 1st quarter worth approximately $30,000. Finally, Cary Street Partners Investment Advisory LLC boosted its stake in shares of Shopify by 86.8% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock worth $34,000 after acquiring an additional 165 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Stock Performance

Shares of SHOP opened at $148.83 on Thursday. The stock has a fifty day moving average of $139.40 and a two-hundred day moving average of $114.47. The company has a market capitalization of $193.43 billion, a PE ratio of 83.15, a price-to-earnings-growth ratio of 7.10 and a beta of 2.69. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $159.01.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last issued 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. The company 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%.Shopify's revenue was up 31.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.26 EPS. As a group, equities research analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SHOP has been the topic of several research analyst reports. BMO Capital Markets boosted their price target on Shopify from $120.00 to $180.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Oppenheimer boosted their price target on Shopify from $145.00 to $180.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Cantor Fitzgerald set a $156.00 price target on Shopify and gave the stock a "neutral" rating in a research note on Wednesday, August 27th. ATB Capital lowered Shopify to a "sector perform" rating in a research note on Thursday, August 7th. Finally, The Goldman Sachs Group upped their target price on Shopify from $120.00 to $176.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Twenty-three investment 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 stock presently has an average rating of "Moderate Buy" and a consensus price target of $151.69.

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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