Westbourne Investments Inc. Has $1.52 Million Holdings in Shopify Inc. $SHOP

Key Points

• Westbourne Investments Inc. increased its holdings in Shopify Inc. by 179.8%, owning 13,130 shares valued at approximately $1.52 million.
• Shopify reported a 31.1% increase in quarterly revenue year-over-year, with earnings per share of $0.35, surpassing analysts' expectations.
• Analysts have raised Shopify's price targets, with JPMorgan Chase setting a new target of $179.00 and 23 analysts rating the stock as a "Buy."

Westbourne Investments Inc. raised its position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 179.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,130 shares of the software maker's stock after buying an additional 8,438 shares during the period. Westbourne Investments Inc.'s holdings in Shopify were worth $1,515,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of SHOP. Fourth Dimension Wealth LLC acquired a new stake in Shopify during the 4th quarter valued at $30,000. Smithfield Trust Co increased its holdings in Shopify by 149.2% during the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after purchasing an additional 188 shares in the last quarter. Dagco Inc. acquired a new stake in Shopify during the 1st quarter valued at $30,000. Global Wealth Strategies & Associates increased its holdings in Shopify by 182.8% during the 2nd quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker's stock valued at $30,000 after purchasing an additional 170 shares in the last quarter. Finally, Cary Street Partners Investment Advisory LLC increased its holdings in Shopify by 86.8% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock valued at $34,000 after purchasing an additional 165 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Trading Down 0.5%

NASDAQ:SHOP opened at $147.21 on Wednesday. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $156.85. The stock has a market cap of $191.32 billion, a price-to-earnings ratio of 82.24, a PEG ratio of 7.01 and a beta of 2.69. The stock has a 50-day moving average price of $135.09 and a two-hundred day moving average price of $112.54.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS 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 analyst estimates of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The company's quarterly revenue was up 31.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.26 earnings per share. Sell-side analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. JPMorgan Chase & Co. raised their price target on Shopify from $115.00 to $179.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Stifel Nicolaus raised their price target on Shopify from $110.00 to $150.00 and gave the company a "hold" rating in a report on Thursday, August 7th. Royal Bank Of Canada increased their price objective on Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Barclays increased their price objective on Shopify from $94.00 to $120.00 and gave the company an "equal weight" rating in a research report on Thursday, August 7th. Finally, Benchmark reiterated a "buy" rating and issued a $140.00 price objective (up from $125.00) on shares of Shopify in a research report on Tuesday, August 5th. Twenty-three 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 company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $151.69.

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.

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