State of Wyoming Has $1.15 Million Stock Holdings in Shopify Inc. $SHOP

Key Points

• The State of Wyoming increased its holdings in Shopify Inc. by 217.1% in the first quarter, acquiring an additional 8,244 shares, bringing its total to 12,041 shares valued at approximately $1.15 million.
• Wall Street analysts have raised their price targets for Shopify, with Mizuho setting a target of $150 and Canaccord Genuity raising it to $165, reflecting a positive outlook on the company.
• Shopify reported earnings per share of $0.35 for the last quarter, surpassing estimates, with revenue increasing by 31.1% year-over-year to $2.68 billion.

State of Wyoming boosted its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 217.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,041 shares of the software maker's stock after acquiring an additional 8,244 shares during the period. State of Wyoming's holdings in Shopify were worth $1,147,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the business. LRI Investments LLC raised its stake in Shopify by 9.8% in the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker's stock valued at $94,000 after acquiring an additional 79 shares during the period. Quadcap Wealth Management LLC raised its stake in Shopify by 0.9% in the 1st quarter. Quadcap Wealth Management LLC now owns 11,133 shares of the software maker's stock valued at $1,063,000 after acquiring an additional 103 shares during the period. Fullcircle Wealth LLC raised its stake in Shopify by 2.7% in the 1st quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker's stock valued at $418,000 after acquiring an additional 110 shares during the period. Avidian Wealth Enterprises LLC raised its stake in 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 acquiring an additional 116 shares during the period. Finally, SVB Wealth LLC raised its stake in Shopify by 2.2% in the 1st quarter. SVB Wealth LLC now owns 5,415 shares of the software maker's stock valued at $517,000 after acquiring an additional 119 shares during the period. Institutional investors own 69.27% of the company's stock.

Analyst Upgrades and Downgrades

SHOP has been the topic of a number of research analyst reports. Capital One Financial upgraded Shopify from an "equal weight" rating to an "overweight" rating in a research note on Thursday, May 8th. BNP Paribas cut Shopify from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 5th. Oppenheimer increased their price objective on Shopify from $145.00 to $180.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. ATB Capital cut Shopify to a "sector perform" rating in a research report on Thursday, August 7th. Finally, National Bankshares increased their price objective on Shopify from $140.00 to $180.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Twenty-four equities research analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $150.27.

Shopify Price Performance

NYSE:SHOP traded down $2.16 during trading hours on Tuesday, hitting $139.12. The company's stock had a trading volume of 4,284,173 shares, compared to its average volume of 10,139,319. The stock has a fifty day simple moving average of $128.60 and a 200-day simple moving average of $110.52. The company has a market capitalization of $180.81 billion, a P/E ratio of 89.76, a PEG ratio of 4.82 and a beta of 2.63. Shopify Inc. has a twelve month low of $65.86 and a twelve month high of $156.85.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released its quarterly earnings data 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 business had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. Shopify had a return on equity of 12.00% and a net margin of 22.74%.Shopify's revenue was up 31.1% compared to the same quarter last year. During the same period last year, the firm posted $0.26 earnings per share. On average, equities analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal year.

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.