Pure Portfolios Holdings LLC Boosts Stock Position in Shopify Inc. $SHOP

Pure Portfolios Holdings LLC lifted its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 26.5% in the second quarter, HoldingsChannel.com reports. The firm owned 2,658 shares of the software maker’s stock after purchasing an additional 556 shares during the period. Pure Portfolios Holdings LLC’s holdings in Shopify were worth $307,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of SHOP. Mirova US LLC lifted its holdings in Shopify by 48.7% in the 2nd quarter. Mirova US LLC now owns 3,024,755 shares of the software maker’s stock worth $348,905,000 after buying an additional 990,596 shares during the period. Louisiana State Employees Retirement System purchased a new stake in Shopify in the second quarter worth $10,278,000. Venturi Wealth Management LLC lifted its stake in Shopify by 2.7% in the second quarter. Venturi Wealth Management LLC now owns 15,718 shares of the software maker’s stock worth $1,813,000 after acquiring an additional 414 shares during the period. Canopy Partners LLC purchased a new stake in Shopify in the second quarter worth $239,000. Finally, Shell Asset Management Co. lifted its stake in Shopify by 57.9% in the second quarter. Shell Asset Management Co. now owns 45,499 shares of the software maker’s stock worth $5,238,000 after acquiring an additional 16,686 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SHOP has been the subject of several research analyst reports. Scotiabank reaffirmed a “sector perform” rating and issued a $150.00 target price (up from $115.00) on shares of Shopify in a research report on Thursday, August 7th. Zacks Research upgraded shares of Shopify to a “hold” rating in a report on Tuesday, August 12th. Bank of America raised their price objective on shares of Shopify from $110.00 to $185.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. Weiss Ratings restated a “hold (c)” rating on shares of Shopify in a report on Saturday, September 27th. Finally, Oppenheimer restated an “outperform” rating and issued a $149.00 target price on shares of Shopify in a research note on Tuesday, September 30th. Twenty-two analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $151.95.

Shopify Stock Performance

SHOP stock opened at $161.28 on Wednesday. The firm has a 50 day moving average price of $144.26 and a 200-day moving average price of $118.06. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $169.69. The firm has a market capitalization of $209.61 billion, a price-to-earnings ratio of 90.10, a PEG ratio of 7.70 and a beta of 2.72.

Shopify (NASDAQ:SHOP) (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. The business had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The firm’s quarterly revenue was up 31.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.26 earnings per share. As a group, sell-side analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

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.