Segment Wealth Management LLC Buys 1,194 Shares of Shopify Inc. $SHOP

Segment Wealth Management LLC lifted its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 5.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,476 shares of the software maker’s stock after purchasing an additional 1,194 shares during the quarter. Segment Wealth Management LLC’s holdings in Shopify were worth $2,708,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. Fairvoy Private Wealth LLC purchased a new position in shares of Shopify in the second quarter worth $1,310,000. Ascent Group LLC raised its stake in shares of Shopify by 16.7% in the second quarter. Ascent Group LLC now owns 6,275 shares of the software maker’s stock worth $724,000 after purchasing an additional 899 shares during the last quarter. Ameritas Advisory Services LLC raised its stake in shares of Shopify by 74.2% in the second quarter. Ameritas Advisory Services LLC now owns 8,851 shares of the software maker’s stock worth $1,021,000 after purchasing an additional 3,769 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its stake in shares of Shopify by 28.0% in the second quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 8,030 shares of the software maker’s stock worth $926,000 after purchasing an additional 1,755 shares during the last quarter. Finally, Seros Financial LLC raised its stake in shares of Shopify by 21.9% in the second quarter. Seros Financial LLC now owns 2,781 shares of the software maker’s stock worth $321,000 after purchasing an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Up 6.5%

Shares of SHOP opened at $161.14 on Friday. The business has a 50-day simple moving average of $142.78 and a two-hundred day simple moving average of $117.13. The stock has a market cap of $209.43 billion, a price-to-earnings ratio of 90.02, a PEG ratio of 7.17 and a beta of 2.72. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $162.60.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping 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 business had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.55 billion. During the same quarter in the prior year, the business posted $0.26 earnings per share. The business’s quarterly revenue was up 31.1% on a year-over-year basis. On average, equities analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SHOP. Oppenheimer restated an “outperform” rating and issued a $149.00 price target on shares of Shopify in a research note on Tuesday. Truist Financial upped their price objective on Shopify from $95.00 to $150.00 and gave the company a “hold” rating in a research report on Thursday, August 7th. Benchmark reiterated a “buy” rating and set a $140.00 price objective (up previously from $125.00) on shares of Shopify in a research report on Tuesday, August 5th. Citigroup upped their price objective on Shopify from $155.00 to $195.00 and gave the company a “buy” rating in a research report on Friday, August 8th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Shopify in a research report on Saturday, September 27th. Twenty-two analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Shopify presently has a consensus rating of “Hold” and a consensus target price of $150.59.

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.