Bogart Wealth LLC Purchases 3,020 Shares of Shopify Inc. $SHOP

Bogart Wealth LLC increased its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 4.6% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 68,942 shares of the software maker’s stock after buying an additional 3,020 shares during the period. Bogart Wealth LLC’s holdings in Shopify were worth $7,952,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of SHOP. Family Legacy Financial Solutions LLC bought a new stake in shares of Shopify during the 2nd quarter worth $25,000. Tradewinds Capital Management LLC boosted its stake in Shopify by 71.4% in the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after acquiring an additional 100 shares during the last quarter. Coastline Trust Co bought a new position in shares of Shopify during the 2nd quarter valued at approximately $29,000. Global Wealth Strategies & Associates raised its holdings in shares of Shopify by 182.8% in the 2nd quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker’s stock worth $30,000 after purchasing an additional 170 shares during the period. Finally, Smithfield Trust Co lifted its stake in Shopify by 149.2% in 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 during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on SHOP shares. Wedbush increased their price target on Shopify from $115.00 to $160.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. Scotiabank reiterated a “sector perform” rating and set a $150.00 target price (up previously from $115.00) on shares of Shopify in a research report on Thursday, August 7th. Evercore ISI lifted their target price on shares of Shopify from $120.00 to $170.00 and gave the stock an “outperform” rating in a research note on Friday, August 8th. Canaccord Genuity Group upped their price target on shares of Shopify from $115.00 to $165.00 and gave the company a “buy” rating in a research note on Thursday, August 7th. Finally, TD Cowen reaffirmed a “hold” rating and issued a $156.00 price objective on shares of Shopify in a report on Friday, October 3rd. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twenty-two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and a consensus target price of $152.76.

Shopify Price Performance

Shares of NASDAQ:SHOP opened at $157.76 on Monday. The firm has a fifty day moving average price of $148.00 and a two-hundred day moving average price of $121.40. The company has a market cap of $205.03 billion, a price-to-earnings ratio of 88.13, a PEG ratio of 7.39 and a beta of 2.72. Shopify Inc. has a one year low of $69.84 and a one year high of $169.69.

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 analysts’ consensus estimates of $0.29 by $0.06. The firm had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The company’s revenue for the quarter was up 31.1% on a year-over-year basis. During the same quarter last year, the company posted $0.26 EPS. Equities research analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

About Shopify

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.