SWS Partners Purchases 816 Shares of Shopify Inc. $SHOP

SWS Partners grew its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 5.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,073 shares of the software maker’s stock after purchasing an additional 816 shares during the quarter. SWS Partners’ holdings in Shopify were worth $1,535,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. Quadcap Wealth Management LLC boosted its position in shares of Shopify by 0.9% in the first quarter. Quadcap Wealth Management LLC now owns 11,133 shares of the software maker’s stock worth $1,063,000 after purchasing an additional 103 shares during the period. Fullcircle Wealth LLC lifted its holdings in shares of Shopify by 2.7% in the first quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker’s stock worth $418,000 after buying an additional 110 shares in the last quarter. Avidian Wealth Enterprises LLC lifted its holdings in shares of Shopify by 3.4% in the first quarter. Avidian Wealth Enterprises LLC now owns 3,533 shares of the software maker’s stock worth $337,000 after buying an additional 116 shares in the last quarter. SVB Wealth LLC lifted its holdings in shares of Shopify by 2.2% in the first quarter. SVB Wealth LLC now owns 5,415 shares of the software maker’s stock worth $517,000 after buying an additional 119 shares in the last quarter. Finally, Pinnacle Financial Partners Inc lifted its holdings in shares of Shopify by 4.0% in the first quarter. Pinnacle Financial Partners Inc now owns 3,233 shares of the software maker’s stock worth $320,000 after buying an additional 125 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Down 0.9%

Shopify stock opened at $142.20 on Thursday. The company has a market cap of $184.81 billion, a price-to-earnings ratio of 79.44, a PEG ratio of 6.80 and a beta of 2.69. The firm’s fifty day moving average is $132.70 and its 200 day moving average is $111.62. Shopify Inc. has a 52-week low of $68.10 and a 52-week high of $156.85.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings results 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 company had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a net margin of 23.42% and a return on equity of 12.30%. Shopify’s revenue was up 31.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.26 earnings per share. On average, equities research analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SHOP has been the topic of several research analyst reports. Loop Capital downgraded shares of Shopify from a “buy” rating to a “hold” rating and set a $120.00 target price on the stock. in a report on Tuesday, July 22nd. Needham & Company LLC initiated coverage on shares of Shopify in a report on Monday, July 14th. They issued a “buy” rating and a $135.00 target price on the stock. JMP Securities boosted their target price on shares of Shopify from $135.00 to $185.00 and gave the stock a “market outperform” rating in a report on Thursday, August 7th. CIBC boosted their target price on shares of Shopify from $145.00 to $185.00 and gave the stock an “outperform” rating in a report on Thursday, August 7th. Finally, Wells Fargo & Company boosted their target price on shares of Shopify from $107.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, June 6th. Twenty-four analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and an average price target of $150.27.

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.