McLean Asset Management Corp Takes Position in Shopify Inc. $SHOP

McLean Asset Management Corp purchased a new stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 1,878 shares of the software maker’s stock, valued at approximately $215,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Doliver Advisors LP grew its position in shares of Shopify by 2.5% in the 2nd quarter. Doliver Advisors LP now owns 7,548 shares of the software maker’s stock valued at $871,000 after buying an additional 183 shares during the last quarter. Jacobs & Co. CA purchased a new stake in shares of Shopify during the second quarter valued at approximately $285,000. Confluence Investment Management LLC grew its holdings in Shopify by 3.0% during the second quarter. Confluence Investment Management LLC now owns 8,366 shares of the software maker’s stock valued at $965,000 after purchasing an additional 240 shares during the period. Cim LLC grew its holdings in Shopify by 1.3% during the first quarter. Cim LLC now owns 12,512 shares of the software maker’s stock valued at $1,194,000 after purchasing an additional 160 shares during the period. Finally, Modern Wealth Management LLC grew its holdings in Shopify by 14.2% during the first quarter. Modern Wealth Management LLC now owns 2,743 shares of the software maker’s stock valued at $262,000 after purchasing an additional 342 shares during the period. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

SHOP stock opened at $143.38 on Friday. The firm has a 50 day moving average price of $133.77 and a 200-day moving average price of $112.04. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $156.85. The firm has a market capitalization of $186.35 billion, a price-to-earnings ratio of 80.10, a PEG ratio of 6.87 and a beta of 2.69.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share 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 analyst estimates of $2.55 billion. Shopify had a net margin of 23.42% and a return on equity of 12.30%. 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 business earned $0.26 EPS. As a group, sell-side analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. increased their price objective on Shopify from $115.00 to $179.00 and gave the company an “overweight” rating in a report on Thursday, August 7th. Oppenheimer increased their price objective on Shopify from $145.00 to $180.00 and gave the stock an “outperform” rating in a research report on Thursday, August 7th. Cantor Fitzgerald set a $156.00 price objective on Shopify and gave the stock a “neutral” rating in a report on Wednesday, August 27th. JMP Securities raised their target price on Shopify from $135.00 to $185.00 and gave the stock a “market outperform” rating in a research note on Thursday, August 7th. Finally, Benchmark reissued a “buy” rating and issued a $140.00 target price (up from $125.00) on shares of Shopify in a research note on Tuesday, August 5th. Twenty-four research analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus 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.