Strategic Planning Group LLC Grows Holdings in Shopify Inc. $SHOP

Key Points

• Strategic Planning Group LLC increased its stake in Shopify Inc. by 15.1% in Q2, owning a total of 50,081 shares worth approximately $5.77 million.
• Various institutional investors have adjusted their positions, with notable increases including Forum Financial Management LP (70.8% increase) and several new positions totaling over $2.3 million.
• Multiple analysts have raised their price targets for Shopify, with Bank of America setting a new target of $185.00 and a consensus rating of "Moderate Buy" among analysts.

Strategic Planning Group LLC grew its holdings in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 15.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 50,081 shares of the software maker's stock after buying an additional 6,581 shares during the period. Strategic Planning Group LLC's holdings in Shopify were worth $5,777,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Hummer Financial Advisory Services Inc boosted its stake in Shopify by 3.8% in the 2nd quarter. Hummer Financial Advisory Services Inc now owns 2,595 shares of the software maker's stock worth $299,000 after purchasing an additional 95 shares during the period. Salem Investment Counselors Inc. boosted its position in Shopify by 16.7% during the second quarter. Salem Investment Counselors Inc. now owns 700 shares of the software maker's stock valued at $81,000 after purchasing an additional 100 shares in the last quarter. Quadcap Wealth Management LLC boosted its position in Shopify by 0.9% during the first quarter. Quadcap Wealth Management LLC now owns 11,133 shares of the software maker's stock valued at $1,063,000 after purchasing an additional 103 shares in the last quarter. Centurion Wealth Management LLC raised its stake in Shopify by 1.7% in the second quarter. Centurion Wealth Management LLC now owns 6,339 shares of the software maker's stock valued at $731,000 after buying an additional 103 shares during the last quarter. Finally, Fullcircle Wealth LLC raised its position in Shopify by 2.7% during the first 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 in the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on SHOP. Zacks Research upgraded Shopify to a "hold" rating in a research report on Tuesday, August 12th. Oppenheimer raised their price objective on Shopify from $145.00 to $180.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Arete reiterated a "neutral" rating on shares of Shopify in a report on Wednesday, July 23rd. TD Securities boosted their price objective on Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Finally, Stifel Nicolaus lifted their target price on Shopify from $110.00 to $150.00 and gave the company a "hold" rating in a research note on Thursday, August 7th. Twenty-three research analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $151.69.

Shopify Stock Up 2.5%

SHOP stock traded up $3.82 during midday trading on Monday, reaching $157.12. The company's stock had a trading volume of 7,010,807 shares, compared to its average volume of 5,403,877. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $159.01. The stock has a market cap of $204.20 billion, a PE ratio of 87.78, a price-to-earnings-growth ratio of 7.26 and a beta of 2.69. The business's 50-day simple moving average is $138.13 and its 200-day simple moving average is $113.98.

Shopify (NASDAQ: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, topping the consensus estimate of $0.29 by $0.06. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The company had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. During the same period in the previous year, the business earned $0.26 EPS. Shopify's revenue for the quarter was up 31.1% compared to the same quarter last year. As a group, equities analysts forecast that Shopify Inc. will post 1.12 earnings per share 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.