FWG Investments LLC. Takes Position in Shopify Inc. $SHOP

FWG Investments LLC. purchased a new stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,773 shares of the software maker’s stock, valued at approximately $320,000.

Other hedge funds also recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Shopify by 4.4% in the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,231,257 shares of the software maker’s stock worth $603,425,000 after acquiring an additional 218,829 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Shopify by 171.3% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker’s stock worth $48,827,000 after purchasing an additional 267,271 shares during the last quarter. Oppenheimer Asset Management Inc. grew its position in Shopify by 9.6% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 400,389 shares of the software maker’s stock worth $46,185,000 after purchasing an additional 35,113 shares during the period. ARK Investment Management LLC grew its position in Shopify by 13.6% in the 2nd quarter. ARK Investment Management LLC now owns 5,049,508 shares of the software maker’s stock worth $582,461,000 after purchasing an additional 605,283 shares during the period. Finally, Avior Wealth Management LLC raised its stake in Shopify by 32.6% during 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 last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Trading Down 3.0%

Shares of NASDAQ:SHOP opened at $173.61 on Friday. The firm’s 50-day moving average is $152.94 and its 200 day moving average is $126.64. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $182.19. The company has a market capitalization of $225.63 billion, a price-to-earnings ratio of 96.99, a PEG ratio of 8.38 and a beta of 2.72.

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, topping analysts’ consensus estimates of $0.29 by $0.06. The firm had revenue of $2.68 billion during 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%.Shopify’s quarterly revenue was up 31.1% compared to the same quarter last year. During the same period last year, the company earned $0.26 EPS. As a group, equities analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Cantor Fitzgerald set a $156.00 price target on Shopify and gave the stock a “neutral” rating in a research note on Wednesday, August 27th. Mizuho boosted their price target on Shopify from $85.00 to $150.00 and gave the company a “neutral” rating in a research note on Thursday, August 7th. Stifel Nicolaus boosted their target price on shares of Shopify from $110.00 to $150.00 and gave the company a “hold” rating in a research report on Thursday, August 7th. Arete Research upgraded Shopify to a “hold” rating in a research report on Wednesday, July 23rd. Finally, Truist Financial raised their price objective on shares of Shopify from $95.00 to $150.00 and gave the company a “hold” rating in a research report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twenty-two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $155.35.

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.