Shopify Inc. $SHOP Stock Holdings Lifted by Fifth Third Wealth Advisors LLC

Fifth Third Wealth Advisors LLC lifted its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 7.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,244 shares of the software maker’s stock after acquiring an additional 284 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Shopify were worth $490,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in SHOP. Family Legacy Financial Solutions LLC purchased a new position in Shopify during the second quarter valued at approximately $25,000. Coastline Trust Co purchased a new position in Shopify during the second quarter valued at approximately $29,000. Smithfield Trust Co grew its position in Shopify by 149.2% during the first quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock valued at $30,000 after purchasing an additional 188 shares in the last quarter. Dagco Inc. purchased a new position in Shopify during the first quarter valued at approximately $30,000. Finally, Global Wealth Strategies & Associates grew its position in Shopify by 182.8% during the second quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker’s stock valued at $30,000 after purchasing an additional 170 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Down 7.8%

NASDAQ:SHOP opened at $151.02 on Monday. The company’s 50 day moving average is $146.61 and its 200-day moving average is $119.28. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $169.69. The firm has a market cap of $196.27 billion, a price-to-earnings ratio of 84.37, a P/E/G ratio of 7.07 and a beta of 2.72.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $2.55 billion. During the same period in the previous year, the company earned $0.26 earnings per share. Shopify’s revenue for the quarter was up 31.1% on a year-over-year basis. Research analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Cantor Fitzgerald set a $156.00 price objective on shares of Shopify and gave the company a “neutral” rating in a research report on Wednesday, August 27th. DA Davidson boosted their price objective on shares of Shopify from $125.00 to $185.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. KeyCorp reaffirmed an “overweight” rating and set a $175.00 price objective (up from $145.00) on shares of Shopify in a research report on Thursday, August 7th. Phillip Securities downgraded shares of Shopify from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, August 12th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Shopify from $115.00 to $179.00 and gave the stock an “overweight” rating in a research report on Thursday, August 7th. Twenty-two analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $151.95.

Shopify 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.