Empirical Financial Services LLC d.b.a. Empirical Wealth Management Purchases 1,755 Shares of Shopify Inc. $SHOP

Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 28.0% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 8,030 shares of the software maker’s stock after buying an additional 1,755 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management’s holdings in Shopify were worth $926,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in SHOP. Family Legacy Financial Solutions LLC bought a new stake in Shopify during the 2nd quarter valued at approximately $25,000. Coastline Trust Co bought a new stake in shares of Shopify during the second quarter valued at approximately $29,000. Global Wealth Strategies & Associates raised its position in shares of 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 buying an additional 170 shares during the last quarter. Smithfield Trust Co lifted its holdings in shares of Shopify by 149.2% in the first quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock worth $30,000 after buying an additional 188 shares in the last quarter. Finally, Dagco Inc. bought a new position in shares of Shopify during the first quarter worth $30,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Trading Up 6.5%

Shares of NASDAQ SHOP opened at $161.14 on Friday. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $162.60. The stock’s fifty day simple moving average is $142.78 and its two-hundred day simple moving average is $117.23. The stock has a market capitalization of $209.43 billion, a PE ratio of 90.02, a price-to-earnings-growth ratio of 7.64 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 return on equity of 12.30% and a net margin of 23.42%.The firm had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.55 billion. During the same period in the prior year, the business posted $0.26 EPS. The firm’s quarterly revenue was up 31.1% on a year-over-year basis. On average, equities analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have commented on SHOP shares. DA Davidson boosted their price target on shares of Shopify from $125.00 to $185.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. JMP Securities boosted their target price on Shopify from $135.00 to $185.00 and gave the company a “market outperform” rating in a research report on Thursday, August 7th. Loop Capital downgraded Shopify from a “buy” rating to a “hold” rating and set a $120.00 price target for the company. in a research report on Tuesday, July 22nd. Zacks Research upgraded shares of Shopify to a “hold” rating in a research report on Tuesday, August 12th. Finally, Wedbush increased their target price on shares of Shopify from $115.00 to $160.00 and gave the company an “outperform” rating in a research note on Thursday, August 7th. Twenty-two equities research 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’s stock. According to data from MarketBeat, Shopify has an average rating of “Hold” and an average price target 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.