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

Westbourne Investments Inc. boosted its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 179.8% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 13,130 shares of the software maker’s stock after buying an additional 8,438 shares during the quarter. Westbourne Investments Inc.’s holdings in Shopify were worth $1,515,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. Hummer Financial Advisory Services Inc boosted its position in Shopify by 3.8% during the second quarter. Hummer Financial Advisory Services Inc now owns 2,595 shares of the software maker’s stock valued at $299,000 after purchasing an additional 95 shares during the last quarter. Salem Investment Counselors Inc. boosted its position in Shopify by 16.7% during the second quarter. Salem Investment Counselors Inc. now owns 700 shares of the software maker’s stock valued at $81,000 after purchasing an additional 100 shares during the last quarter. Quadcap Wealth Management LLC boosted its position in Shopify by 0.9% during the first quarter. Quadcap Wealth Management LLC now owns 11,133 shares of the software maker’s stock valued at $1,063,000 after purchasing an additional 103 shares during the last quarter. Centurion Wealth Management LLC boosted its position in Shopify by 1.7% during the second quarter. Centurion Wealth Management LLC now owns 6,339 shares of the software maker’s stock valued at $731,000 after purchasing an additional 103 shares during the last quarter. Finally, Fullcircle Wealth LLC boosted its position in Shopify by 2.7% during the first quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker’s stock valued at $418,000 after purchasing an additional 110 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Price Performance

Shopify stock opened at $147.21 on Wednesday. The stock’s fifty day moving average price is $135.09 and its two-hundred day moving average price is $112.54. Shopify Inc. has a one year low of $69.84 and a one year high of $156.85. The firm has a market cap of $191.32 billion, a PE ratio of 82.24, a price-to-earnings-growth ratio of 7.01 and a beta of 2.69.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The company had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. During the same quarter last year, the company posted $0.26 EPS. The company’s revenue for the quarter was up 31.1% compared to the same quarter last year. Sell-side analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently commented on SHOP shares. Wedbush increased their price target on Shopify from $115.00 to $160.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. National Bankshares boosted their price target on Shopify from $140.00 to $180.00 and gave the stock an “outperform” rating in a research report on Thursday, August 7th. Needham & Company LLC initiated coverage on Shopify in a research report on Monday, July 14th. They set a “buy” rating and a $135.00 price target on the stock. Loop Capital downgraded Shopify from a “buy” rating to a “hold” rating and set a $120.00 price target on the stock. in a research report on Tuesday, July 22nd. Finally, Arete reissued a “neutral” rating on shares of Shopify in a research report on Wednesday, July 23rd. Twenty-three investment analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $151.69.

About Shopify

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.