Segment Wealth Management LLC Increases Stake in Shopify Inc. $SHOP

Segment Wealth Management LLC boosted its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 5.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 23,476 shares of the software maker’s stock after purchasing an additional 1,194 shares during the period. Segment Wealth Management LLC’s holdings in Shopify were worth $2,708,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Family Legacy Financial Solutions LLC purchased a new position in Shopify in the 2nd quarter worth approximately $25,000. Coastline Trust Co purchased a new position in Shopify in the 2nd quarter worth approximately $29,000. Smithfield Trust Co grew its position in shares of Shopify by 149.2% in the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock worth $30,000 after buying an additional 188 shares during the last quarter. Dagco Inc. bought a new stake in shares of Shopify in the 1st quarter worth approximately $30,000. Finally, Global Wealth Strategies & Associates grew its position 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 buying an additional 170 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Trading Up 6.5%

Shopify stock opened at $161.14 on Friday. The business’s fifty day simple moving average is $142.78 and its two-hundred day simple moving average is $117.13. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $162.60. The company 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 (NASDAQ:SHOP) (TSE:SHOP) last released its earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $2.55 billion. During the same period in the previous year, the company posted $0.26 earnings per share. The company’s revenue for the quarter was up 31.1% compared to the same quarter last year. On average, equities research analysts predict that Shopify Inc. will post 1.12 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on SHOP shares. Cantor Fitzgerald set a $156.00 price objective on Shopify and gave the stock a “neutral” rating in a research report on Wednesday, August 27th. Arete Research upgraded Shopify to a “hold” rating in a research report on Wednesday, July 23rd. TD Securities lifted their price objective on Shopify from $130.00 to $156.00 and gave the stock a “hold” rating in a research report on Friday. Mizuho lifted their price objective on Shopify from $85.00 to $150.00 and gave the stock a “neutral” rating in a research report on Thursday, August 7th. Finally, Wedbush lifted their price objective on Shopify from $115.00 to $160.00 and gave the stock an “outperform” rating in a research report on Thursday, August 7th. Twenty-two investment analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Shopify currently has a consensus rating of “Hold” and an average 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.