Pure Portfolios Holdings LLC Raises Position in Shopify Inc. $SHOP

Pure Portfolios Holdings LLC boosted its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 26.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,658 shares of the software maker’s stock after buying an additional 556 shares during the quarter. Pure Portfolios Holdings LLC’s holdings in Shopify were worth $307,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Brighton Jones LLC raised its holdings in shares of Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock valued at $2,252,000 after purchasing an additional 584 shares during the last quarter. Park Avenue Securities LLC increased its stake in Shopify by 7.0% in the 1st quarter. Park Avenue Securities LLC now owns 37,748 shares of the software maker’s stock valued at $3,604,000 after buying an additional 2,470 shares during the last quarter. Capital Investment Advisors LLC increased its stake in Shopify by 16.9% in the 1st quarter. Capital Investment Advisors LLC now owns 4,679 shares of the software maker’s stock valued at $447,000 after buying an additional 676 shares during the last quarter. Toth Financial Advisory Corp increased its position in shares of Shopify by 42.6% during the first quarter. Toth Financial Advisory Corp now owns 8,775 shares of the software maker’s stock valued at $838,000 after acquiring an additional 2,623 shares during the last quarter. Finally, Moss Adams Wealth Advisors LLC purchased a new stake in shares of Shopify during the first quarter valued at approximately $205,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SHOP has been the subject of a number of research analyst reports. UBS Group increased their price target on Shopify from $110.00 to $145.00 and gave the company a “neutral” rating in a research report on Thursday, August 7th. Mizuho raised their target price on Shopify from $85.00 to $150.00 and gave the company a “neutral” rating in a research report on Thursday, August 7th. Canaccord Genuity Group raised their target price on Shopify from $115.00 to $165.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. JPMorgan Chase & Co. lifted their target price on shares of Shopify from $115.00 to $179.00 and gave the stock an “overweight” rating in a research note on Thursday, August 7th. Finally, Citigroup lifted their price target on Shopify from $155.00 to $195.00 and gave the company a “buy” rating in a research report on Friday, August 8th. Twenty-two research analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $151.95.

Shopify Price Performance

Shares of SHOP opened at $161.28 on Wednesday. The firm has a market cap of $209.61 billion, a P/E ratio of 90.10, a P/E/G ratio of 7.70 and a beta of 2.72. The stock has a 50 day simple moving average of $144.26 and a two-hundred day simple moving average of $118.06. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $169.69.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted 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 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 prior year, the business posted $0.26 earnings per share. The company’s revenue was up 31.1% on a year-over-year basis. On average, equities analysts anticipate 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.