Axxcess Wealth Management LLC Has $2.18 Million Stock Holdings in Shopify Inc. $SHOP

Axxcess Wealth Management LLC boosted its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 22.8% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 18,890 shares of the software maker’s stock after purchasing an additional 3,502 shares during the period. Axxcess Wealth Management LLC’s holdings in Shopify were worth $2,179,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. raised its stake in Shopify by 171.3% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker’s stock valued at $48,827,000 after buying an additional 267,271 shares during the period. Worth Asset Management LLC bought a new stake in Shopify in the second quarter valued at approximately $236,000. Avior Wealth Management LLC raised its stake in Shopify by 32.6% in the second quarter. Avior Wealth Management LLC now owns 13,609 shares of the software maker’s stock valued at $1,570,000 after buying an additional 3,347 shares during the period. 111 Capital bought a new stake in Shopify in the second quarter valued at approximately $1,719,000. Finally, Integrity Alliance LLC. bought a new stake in Shopify in the first quarter valued at approximately $211,000. Institutional investors own 69.27% of the company’s stock.

Shopify Trading Up 2.2%

Shares of NASDAQ SHOP opened at $156.21 on Thursday. The business’s 50 day moving average is $147.72 and its 200-day moving average is $120.16. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $169.69. The firm has a market cap of $203.02 billion, a P/E ratio of 87.27, a price-to-earnings-growth ratio of 7.16 and a beta of 2.72.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings data 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 firm had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. During the same quarter last year, the company earned $0.26 EPS. The company’s revenue was up 31.1% on a year-over-year basis. Analysts forecast that Shopify Inc. will post 1.12 EPS for the current year.

Analyst Ratings Changes

Several analysts have issued reports on the company. Benchmark restated a “buy” rating and issued a $140.00 price objective (up previously from $125.00) on shares of Shopify in a research note on Tuesday, August 5th. Phillip Securities lowered Shopify from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, August 12th. TD Cowen restated a “hold” rating and issued a $156.00 price objective on shares of Shopify in a research note on Friday, October 3rd. Loop Capital lowered Shopify from a “buy” rating to a “hold” rating and set a $120.00 target price on the stock. in a research note on Tuesday, July 22nd. Finally, Arete reiterated a “neutral” rating on shares of Shopify in a research note on Wednesday, July 23rd. Twenty-two 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $151.95.

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.