Pure Financial Advisors LLC Boosts Stake in Shopify Inc. $SHOP

Pure Financial Advisors LLC boosted its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 17.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,462 shares of the software maker’s stock after buying an additional 513 shares during the period. Pure Financial Advisors LLC’s holdings in Shopify were worth $399,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. New Wave Wealth Advisors LLC purchased a new stake in Shopify during the second quarter worth $208,000. Trilogy Capital Inc. purchased a new stake in shares of Shopify during the 2nd quarter valued at $234,000. Consolidated Portfolio Review Corp acquired a new stake in shares of Shopify in the 2nd quarter worth $260,000. Truist Financial Corp grew its stake in Shopify by 5.0% during the 2nd quarter. Truist Financial Corp now owns 385,501 shares of the software maker’s stock worth $44,467,000 after buying an additional 18,354 shares during the last quarter. Finally, Bourgeon Capital Management LLC acquired a new position in Shopify during the 2nd quarter valued at about $416,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. CIBC upped their target price on Shopify from $145.00 to $185.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. DA Davidson upped their target price on Shopify from $125.00 to $185.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Bank of America upped their target price on Shopify from $110.00 to $185.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. TD Securities upped their target price on Shopify from $130.00 to $156.00 and gave the company a “hold” rating in a research report on Friday. Finally, UBS Group upped their target price on Shopify from $110.00 to $145.00 and gave the company a “neutral” rating in a research report on Thursday, August 7th. Twenty-two investment analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $150.59.

Shopify Price Performance

Shares of SHOP stock opened at $161.14 on Friday. The business has a fifty day moving average of $142.78 and a 200 day moving average of $117.13. The firm has a market capitalization of $209.43 billion, a price-to-earnings ratio of 90.02, a price-to-earnings-growth ratio of 7.17 and a beta of 2.72. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $162.60.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data 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. The business 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%.The company’s revenue was up 31.1% on a year-over-year basis. During the same quarter last year, the business posted $0.26 EPS. As a group, equities research analysts expect 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.