Virtus Wealth Solutions LLC Invests $203,000 in Shopify Inc. $SHOP

Key Points

• Virtus Wealth Solutions LLC has made a new investment in Shopify Inc., purchasing 1,759 shares valued at approximately $203,000.
• Shopify's recent earnings report showed earnings per share of $0.35, exceeding analysts' expectations of $0.29, with revenue increasing 31.1% year-over-year.
• Currently, Shopify's stock has an average rating of "Hold" from analysts, with a consensus price target of $151.95.

Virtus Wealth Solutions LLC bought a new position in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 1,759 shares of the software maker's stock, valued at approximately $203,000.

Several other institutional investors also recently bought and sold shares of the company. Gagnon Securities LLC grew its position in Shopify by 4.7% during the 2nd quarter. Gagnon Securities LLC now owns 5,708 shares of the software maker's stock valued at $658,000 after purchasing an additional 255 shares during the last quarter. Pure Portfolios Holdings LLC grew its position in Shopify by 26.5% during the 2nd quarter. Pure Portfolios Holdings LLC now owns 2,658 shares of the software maker's stock valued at $307,000 after purchasing an additional 556 shares during the last quarter. Mirova US LLC grew its position in Shopify by 48.7% during the 2nd quarter. Mirova US LLC now owns 3,024,755 shares of the software maker's stock valued at $348,905,000 after purchasing an additional 990,596 shares during the last quarter. Louisiana State Employees Retirement System purchased a new stake in Shopify during the 2nd quarter valued at about $10,278,000. Finally, Venturi Wealth Management LLC grew its position in Shopify by 2.7% during the 2nd quarter. Venturi Wealth Management LLC now owns 15,718 shares of the software maker's stock valued at $1,813,000 after purchasing an additional 414 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Price Performance

Shares of SHOP opened at $161.28 on Wednesday. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $169.69. The company has a 50 day simple moving average of $144.26 and a two-hundred day simple moving average of $118.06. The firm has a market cap of $209.61 billion, a P/E ratio of 90.10, a price-to-earnings-growth ratio of 7.70 and a beta of 2.72.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The business had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same period last year, the firm posted $0.26 EPS. The company's revenue was up 31.1% on a year-over-year basis. On average, sell-side analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current year.

Analysts Set New Price Targets

SHOP has been the topic of several recent analyst reports. Zacks Research raised shares of Shopify to a "hold" rating in a research report on Tuesday, August 12th. Mizuho increased their price objective on shares of Shopify from $85.00 to $150.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Barclays increased their price objective on shares of Shopify from $94.00 to $120.00 and gave the company an "equal weight" rating in a research report on Thursday, August 7th. Atb Cap Markets cut shares of Shopify from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 6th. Finally, Wedbush upped their target price on shares of Shopify from $115.00 to $160.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Twenty-two equities research analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Shopify has an average rating of "Hold" and a consensus price target of $151.95.

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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