Shopify Inc. $SHOP Shares Purchased by Financial Perspectives Inc

Financial Perspectives Inc raised its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 3.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,921 shares of the software maker’s stock after purchasing an additional 699 shares during the quarter. Financial Perspectives Inc’s holdings in Shopify were worth $2,183,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of SHOP. Brighton Jones LLC raised its stake in shares of Shopify by 2.8% during the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock valued at $2,252,000 after purchasing an additional 584 shares during the period. GAMMA Investing LLC lifted its stake in shares of Shopify by 80.0% in the first quarter. GAMMA Investing LLC now owns 963 shares of the software maker’s stock worth $92,000 after acquiring an additional 428 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of Shopify by 0.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 154,273 shares of the software maker’s stock valued at $14,730,000 after purchasing an additional 799 shares in the last quarter. Johnson Investment Counsel Inc. lifted its position in shares of Shopify by 2.9% during the first quarter. Johnson Investment Counsel Inc. now owns 5,541 shares of the software maker’s stock worth $529,000 after purchasing an additional 158 shares during the last quarter. Finally, Blue Trust Inc. boosted its holdings in Shopify by 31.4% in the first quarter. Blue Trust Inc. now owns 2,379 shares of the software maker’s stock worth $227,000 after purchasing an additional 568 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on SHOP. JPMorgan Chase & Co. lifted their target price on Shopify from $115.00 to $179.00 and gave the company an “overweight” rating in a research note on Thursday, August 7th. DA Davidson upped their price objective on Shopify from $125.00 to $185.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. Atb Cap Markets cut Shopify from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 6th. Cantor Fitzgerald set a $156.00 price target on shares of Shopify and gave the company a “neutral” rating in a report on Wednesday, August 27th. Finally, Needham & Company LLC started coverage on shares of Shopify in a report on Monday, July 14th. They issued a “buy” rating and a $135.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twenty-two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Shopify has an average rating of “Moderate Buy” and an average target price of $152.76.

Shopify Trading Up 0.8%

SHOP stock opened at $157.76 on Monday. The firm’s 50-day moving average is $148.00 and its two-hundred day moving average is $121.40. The company has a market capitalization of $205.03 billion, a price-to-earnings ratio of 88.13, a price-to-earnings-growth ratio of 7.39 and a beta of 2.72. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $169.69.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The firm had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. During the same period in the prior year, the firm posted $0.26 earnings per share. The firm’s revenue for the quarter was up 31.1% compared to the same quarter last year. On average, equities research analysts predict that Shopify Inc. will post 1.12 earnings per share for the current 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.