KPP Advisory Services LLC Buys New Shares in Shopify Inc. $SHOP

KPP Advisory Services LLC purchased a new stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,019 shares of the software maker’s stock, valued at approximately $233,000.

Other hedge funds also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Shopify by 171.3% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker’s stock valued at $48,827,000 after purchasing an additional 267,271 shares during the period. Worth Asset Management LLC acquired a new stake in Shopify during the second quarter worth $236,000. Avior Wealth Management LLC increased its holdings in Shopify by 32.6% in the 2nd quarter. Avior Wealth Management LLC now owns 13,609 shares of the software maker’s stock valued at $1,570,000 after buying an additional 3,347 shares during the period. Integrity Alliance LLC. acquired a new position in shares of Shopify in the 1st quarter valued at $211,000. Finally, Jacobs & Co. CA acquired a new position in shares of Shopify in the 2nd quarter valued at $285,000. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Robert W. Baird lifted their target price on shares of Shopify from $110.00 to $120.00 and gave the company an “outperform” rating in a research report on Monday, July 14th. Oppenheimer reiterated an “outperform” rating and issued a $149.00 price objective on shares of Shopify in a research note on Tuesday, September 30th. Bank of America raised their target price on Shopify from $110.00 to $185.00 and gave the stock a “buy” 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 issued a “buy” rating and a $135.00 price target on the stock. Finally, Phillip Securities cut Shopify from a “moderate buy” rating to a “hold” rating in a report on Tuesday, August 12th. Twenty-two analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Shopify currently has a consensus rating of “Hold” and an average target price of $150.59.

Shopify Stock Performance

Shares of SHOP opened at $164.50 on Tuesday. The company has a market cap of $213.79 billion, a price-to-earnings ratio of 91.90, a PEG ratio of 7.64 and a beta of 2.72. The stock has a fifty day moving average price of $143.53 and a two-hundred day moving average price of $117.76. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $169.69.

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. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The company had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same period last year, the company posted $0.26 earnings per share. The firm’s quarterly revenue was up 31.1% compared to the same quarter last year. As a group, research analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal 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.