1,806 Shares in Shopify Inc. $SHOP Bought by New Wave Wealth Advisors LLC

New Wave Wealth Advisors LLC bought a new position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,806 shares of the software maker’s stock, valued at approximately $208,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Family Legacy Financial Solutions LLC acquired a new position in Shopify during the second quarter worth $25,000. Coastline Trust Co acquired a new position in Shopify during the second quarter worth $29,000. Smithfield Trust Co raised its holdings in Shopify by 149.2% during the first quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock worth $30,000 after buying an additional 188 shares during the last quarter. Dagco Inc. acquired a new position in Shopify during the first quarter worth $30,000. Finally, Global Wealth Strategies & Associates raised its holdings in Shopify by 182.8% during the second quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker’s stock worth $30,000 after buying an additional 170 shares during the last quarter. 69.27% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on SHOP. Wells Fargo & Company upped their price objective on shares of Shopify from $107.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, June 6th. Benchmark reiterated a “buy” rating and issued a $140.00 target price (up previously from $125.00) on shares of Shopify in a report on Tuesday, August 5th. Loop Capital downgraded 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. Mizuho increased their target price on shares of Shopify from $85.00 to $150.00 and gave the company a “neutral” rating in a report on Thursday, August 7th. Finally, Cantor Fitzgerald set a $156.00 target price on shares of Shopify and gave the company a “neutral” rating in a report on Wednesday, August 27th. Twenty-three research analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $150.83.

Shopify Price Performance

Shares of Shopify stock opened at $149.57 on Thursday. 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 $194.39 billion, a PE ratio of 83.56, a PEG ratio of 7.04 and a beta of 2.72. The company has a 50 day simple moving average of $141.46 and a two-hundred day simple moving average of $116.29.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its 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 net margin of 23.42% and a return on equity of 12.30%. The business had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same period in the previous year, the business posted $0.26 earnings per share. Shopify’s revenue for the quarter was up 31.1% on a year-over-year basis. As a group, research analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current year.

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.