Shopify Inc. $SHOP Shares Purchased by Farther Finance Advisors LLC

Key Points

• Farther Finance Advisors LLC raised its stake in Shopify Inc. by 80.9% during the 2nd quarter, acquiring an additional 11,222 shares and bringing its total holdings to 25,086 shares valued at $2,893,000.
• Shopify's recent quarterly earnings reported an EPS of $0.35, exceeding expectations of $0.29, with revenue reaching $2.68 billion, a 31.1% increase year-over-year.
• Analyst price targets for Shopify have been raised significantly, with Oppenheimer setting a new target of $180.00, reflecting widespread positive sentiment among analysts, including a consensus rating of "Moderate Buy".

Farther Finance Advisors LLC raised its stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 80.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 25,086 shares of the software maker's stock after acquiring an additional 11,222 shares during the period. Farther Finance Advisors LLC's holdings in Shopify were worth $2,893,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Family Legacy Financial Solutions LLC purchased a new stake in shares of Shopify during the 2nd quarter valued at $25,000. Global Wealth Strategies & Associates increased its position in Shopify by 182.8% during the second quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker's stock worth $30,000 after purchasing an additional 170 shares during the last quarter. Fourth Dimension Wealth LLC purchased a new stake in shares of Shopify in the 4th quarter valued at $30,000. Smithfield Trust Co increased its stake in 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 buying an additional 188 shares during the period. Finally, Dagco Inc. purchased a new position in shares of Shopify in the 1st quarter valued at $30,000. Institutional investors own 69.27% of the company's stock.

Shopify Stock Up 2.5%

NASDAQ SHOP traded up $3.82 on Monday, reaching $157.12. The company had a trading volume of 7,010,807 shares, compared to its average volume of 5,403,877. The stock has a market capitalization of $204.20 billion, a P/E ratio of 87.78, a P/E/G ratio of 7.26 and a beta of 2.69. The company's fifty day moving average is $138.13 and its 200 day moving average is $113.98. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $159.01.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last announced 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. The company had revenue of $2.68 billion for the quarter, compared to analysts' expectations of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.Shopify's revenue for the quarter was up 31.1% compared to the same quarter last year. During the same period last year, the firm posted $0.26 EPS. On average, research analysts expect that Shopify Inc. will post 1.12 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on SHOP shares. Robert W. Baird boosted their target price on shares of Shopify from $110.00 to $120.00 and gave the company an "outperform" rating in a report on Monday, July 14th. TD Securities raised their price objective on shares of Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Citigroup increased their price target on shares of Shopify from $155.00 to $195.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Royal Bank Of Canada lifted their price target on shares of Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Finally, Atb Cap Markets downgraded shares of Shopify from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 6th. Twenty-three equities research analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Shopify presently has a consensus rating of "Moderate Buy" and a consensus target price of $151.69.

About Shopify

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.