TBH Global Asset Management LLC Increases Stake in Shopify Inc. $SHOP

TBH Global Asset Management LLC raised its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 2.6% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 6,363 shares of the software maker’s stock after acquiring an additional 161 shares during the period. TBH Global Asset Management LLC’s holdings in Shopify were worth $734,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Worth Asset Management LLC acquired a new position in Shopify during the 2nd quarter worth approximately $236,000. Integrity Alliance LLC. purchased a new stake in shares of Shopify in the first quarter valued at approximately $211,000. Jacobs & Co. CA acquired a new position in Shopify during the second quarter worth $285,000. Focus Partners Wealth raised its position in Shopify by 7.4% in the first quarter. Focus Partners Wealth now owns 288,722 shares of the software maker’s stock worth $27,567,000 after acquiring an additional 19,908 shares in the last quarter. Finally, Ascent Group LLC purchased a new position in Shopify in the first quarter worth $513,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have commented on SHOP. UBS Group boosted their target price on shares of Shopify from $110.00 to $145.00 and gave the stock a “neutral” rating in a research report on Thursday, August 7th. Atb Cap Markets cut shares of Shopify from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 6th. KeyCorp restated an “overweight” rating and set a $175.00 target price (up from $145.00) on shares of Shopify in a research report on Thursday, August 7th. Loop Capital cut shares of Shopify from a “buy” rating to a “hold” rating and set a $120.00 target price for the company. in a report on Tuesday, July 22nd. Finally, Wells Fargo & Company boosted their price target on Shopify from $107.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, June 6th. Twenty-three analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and an average price target of $151.69.

Shopify Stock Performance

SHOP stock opened at $140.25 on Friday. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $159.01. The firm has a market cap of $182.28 billion, a P/E ratio of 78.35, a PEG ratio of 6.65 and a beta of 2.69. The stock’s 50 day moving average price is $140.00 and its 200 day moving average price is $115.28.

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

Shopify Company 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.