Carnegie Investment Counsel Has $12.88 Million Holdings in Shopify Inc. $SHOP

Carnegie Investment Counsel lifted its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 0.8% during the 2nd quarter, Holdings Channel.com reports. The firm owned 111,693 shares of the software maker’s stock after purchasing an additional 863 shares during the quarter. Carnegie Investment Counsel’s holdings in Shopify were worth $12,884,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Family Legacy Financial Solutions LLC acquired a new stake in shares of Shopify during the 2nd quarter worth approximately $25,000. Tradewinds Capital Management LLC boosted its stake in Shopify by 71.4% in the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after buying an additional 100 shares in the last quarter. Coastline Trust Co acquired a new stake in Shopify in the 2nd quarter valued at $29,000. Global Wealth Strategies & Associates boosted its stake in Shopify by 182.8% in the 2nd quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker’s stock valued at $30,000 after buying an additional 170 shares in the last quarter. Finally, Smithfield Trust Co boosted its stake in Shopify by 149.2% in the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock valued at $30,000 after buying an additional 188 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Up 3.1%

Shares of SHOP opened at $167.03 on Friday. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $169.69. The firm has a market capitalization of $217.08 billion, a PE ratio of 93.31, a price-to-earnings-growth ratio of 7.58 and a beta of 2.72. The stock’s fifty day simple moving average is $149.30 and its 200-day simple moving average is $123.18.

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 business had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. During the same quarter in the prior year, the firm posted $0.26 earnings per share. The firm’s revenue for the quarter was up 31.1% compared to the same quarter last year. Analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

Analyst Ratings Changes

Several analysts recently commented on the company. Stifel Nicolaus boosted their price target on Shopify from $110.00 to $150.00 and gave the company a “hold” rating in a research note on Thursday, August 7th. Oppenheimer reaffirmed an “outperform” rating and issued a $149.00 price target on shares of Shopify in a research note on Tuesday, September 30th. Truist Financial boosted their price target on Shopify from $95.00 to $150.00 and gave the company a “hold” rating in a research note on Thursday, August 7th. UBS Group boosted their price target on Shopify from $110.00 to $145.00 and gave the company a “neutral” rating in a research note on Thursday, August 7th. Finally, Needham & Company LLC started coverage on Shopify in a report on Monday, July 14th. They set a “buy” rating and a $135.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, twenty-two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $153.30.

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.