Signal Advisors Wealth LLC Acquires 1,768 Shares of Shopify Inc. $SHOP

Key Points

• Signal Advisors Wealth LLC increased its stake in Shopify by 12.7% during Q2, now holding 15,666 shares valued at approximately $1.8 million.
• Shopify reported better-than-expected earnings, with $0.35 earnings per share and revenue of $2.68 billion, surpassing analysts' estimates.
• Analysts have been optimistic, with multiple firms raising their price targets for Shopify, resulting in a consensus rating of "Moderate Buy" and a price target averaging $151.69.

Signal Advisors Wealth LLC grew its position in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 12.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,666 shares of the software maker's stock after purchasing an additional 1,768 shares during the period. Signal Advisors Wealth LLC's holdings in Shopify were worth $1,807,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Focus Financial Network Inc. lifted its stake in shares of Shopify by 5.7% in the 2nd quarter. Focus Financial Network Inc. now owns 28,550 shares of the software maker's stock valued at $3,293,000 after purchasing an additional 1,539 shares in the last quarter. Sovran Advisors LLC raised its holdings in shares of Shopify by 12.7% during the 2nd quarter. Sovran Advisors LLC now owns 2,892 shares of the software maker's stock valued at $325,000 after buying an additional 327 shares during the period. Sivia Capital Partners LLC raised its holdings in shares of Shopify by 6.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker's stock valued at $945,000 after buying an additional 506 shares during the period. Sapient Capital LLC purchased a new stake in Shopify during the 2nd quarter worth approximately $204,000. Finally, Pallas Capital Advisors LLC increased its holdings in Shopify by 0.8% during the 2nd quarter. Pallas Capital Advisors LLC now owns 15,544 shares of the software maker's stock worth $1,793,000 after purchasing an additional 118 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Performance

NASDAQ:SHOP traded up $1.19 during trading hours on Friday, hitting $153.30. 8,809,955 shares of the company's stock traded hands, compared to its average volume of 5,345,718. The stock's fifty day moving average price is $137.32 and its two-hundred day moving average price is $113.45. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $156.85. The firm has a market cap of $199.24 billion, a P/E ratio of 85.64, a P/E/G ratio of 7.21 and a beta of 2.69.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last issued 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 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 quarterly revenue was up 31.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.26 earnings per share. On average, equities research analysts predict that Shopify Inc. will post 1.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SHOP. Zacks Research upgraded Shopify to a "hold" rating in a research report on Tuesday, August 12th. Arete Research upgraded Shopify to a "hold" rating in a research report on Wednesday, July 23rd. CIBC boosted their price target on Shopify from $145.00 to $185.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Truist Financial boosted their price target on Shopify from $95.00 to $150.00 and gave the stock a "hold" rating in a research report on Thursday, August 7th. Finally, Evercore ISI upped their price objective on Shopify from $120.00 to $170.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Twenty-three investment analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $151.69.

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.