Yarger Wealth Strategies LLC Increases Stake in Shopify Inc. $SHOP

Yarger Wealth Strategies LLC lifted its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 11.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,385 shares of the software maker’s stock after acquiring an additional 359 shares during the period. Yarger Wealth Strategies LLC’s holdings in Shopify were worth $390,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of SHOP. Nuveen LLC purchased a new position in Shopify in the first quarter valued at approximately $667,392,000. Jennison Associates LLC raised its holdings in Shopify by 324.3% in the first quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker’s stock valued at $504,209,000 after buying an additional 4,036,326 shares during the period. Canada Pension Plan Investment Board raised its holdings in Shopify by 34.4% in the first quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker’s stock valued at $565,504,000 after buying an additional 1,522,573 shares during the period. Mackenzie Financial Corp raised its holdings in Shopify by 19.7% in the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker’s stock valued at $822,745,000 after buying an additional 1,426,406 shares during the period. Finally, Alliancebernstein L.P. raised its holdings in Shopify by 24.6% in the first quarter. Alliancebernstein L.P. now owns 5,554,420 shares of the software maker’s stock valued at $530,336,000 after buying an additional 1,094,840 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Down 7.8%

Shares of NASDAQ:SHOP opened at $151.02 on Monday. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $169.69. The company has a 50 day moving average of $146.61 and a two-hundred day moving average of $119.28. The company has a market capitalization of $196.27 billion, a price-to-earnings ratio of 84.37, a price-to-earnings-growth ratio of 7.07 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 (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.06. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The company had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. During the same quarter last year, the company earned $0.26 earnings per share. Shopify’s revenue for the quarter 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 year.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several research reports. CIBC raised their price target on shares of Shopify from $145.00 to $185.00 and gave the company an “outperform” rating in a report on Thursday, August 7th. Loop Capital lowered shares of Shopify from a “buy” rating to a “hold” rating and set a $120.00 price target on the stock. in a report on Tuesday, July 22nd. Bank of America raised their price target on shares of Shopify from $110.00 to $185.00 and gave the company a “buy” rating in a report on Thursday, August 7th. Arete Research raised shares of Shopify to a “hold” rating in a research report on Wednesday, July 23rd. Finally, TD Cowen reaffirmed a “hold” rating and issued a $156.00 price objective on shares of Shopify in a research report on Friday, October 3rd. Twenty-two research analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $151.95.

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.