Wealth Enhancement Advisory Services LLC Has $18.34 Million Position in Shopify Inc. $SHOP

Key Points

• Wealth Enhancement Advisory Services LLC increased its stake in Shopify Inc. by 2.0%, acquiring 3,140 shares, bringing its total holdings to 157,413 shares worth approximately $18.34 million.
• Shopify reported earnings of $0.35 EPS for the quarter, surpassing analysts' expectations of $0.29, with revenues of $2.68 billion, a 31.1% increase year-over-year.
• Analyst reviews have been positive, with a majority rating of "Buy" or "Market Outperform" and several raising their target prices significantly, indicating strong market confidence in Shopify's prospects.

Wealth Enhancement Advisory Services LLC lifted its stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 2.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 157,413 shares of the software maker's stock after buying an additional 3,140 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Shopify were worth $18,342,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in SHOP. Fourth Dimension Wealth LLC purchased a new position in shares of Shopify during the 4th quarter worth about $30,000. Smithfield Trust Co boosted its holdings in shares of Shopify by 149.2% in the first 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. Dagco Inc. bought a new position in shares of Shopify during the 1st quarter valued at $30,000. Global Wealth Strategies & Associates increased its holdings in shares of Shopify by 182.8% during the 2nd 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 period. Finally, Cary Street Partners Investment Advisory LLC raised its stake in shares of Shopify by 86.8% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock valued at $34,000 after acquiring an additional 165 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Oppenheimer raised their price target on shares of Shopify from $145.00 to $180.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Canaccord Genuity Group upped their price objective on shares of Shopify from $115.00 to $165.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. National Bankshares increased their price objective on shares of Shopify from $140.00 to $180.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. KeyCorp reiterated an "overweight" rating and set a $175.00 price objective (up previously from $145.00) on shares of Shopify in a report on Thursday, August 7th. Finally, Loop Capital downgraded shares of Shopify from a "buy" rating to a "hold" rating and set a $120.00 target price for the company. in a research report on Tuesday, July 22nd. Twenty-three equities research analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $151.69.

Shopify Stock Performance

NASDAQ:SHOP traded up $1.19 during mid-day trading on Friday, hitting $153.30. 8,809,955 shares of the company's stock traded hands, compared to its average volume of 5,403,877. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $156.85. The company has a fifty day moving average of $137.32 and a 200 day moving average of $113.58. The company has a market capitalization of $199.24 billion, a P/E ratio of 85.64, a P/E/G ratio of 7.26 and a beta of 2.69.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last announced its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 23.42% and a return on equity of 12.30%. The firm's quarterly revenue was up 31.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.26 EPS. On average, research analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

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.