Shopify Inc. $SHOP Shares Acquired by Drive Wealth Management LLC

Drive Wealth Management LLC boosted its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 5.0% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,371 shares of the software maker’s stock after acquiring an additional 112 shares during the period. Drive Wealth Management LLC’s holdings in Shopify were worth $273,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in SHOP. Family Legacy Financial Solutions LLC purchased a new stake in shares of Shopify during the second quarter worth approximately $25,000. Tradewinds Capital Management LLC grew its position in Shopify by 71.4% in the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after buying an additional 100 shares during the last quarter. Coastline Trust Co acquired a new position in Shopify in the 2nd quarter valued at $29,000. Smithfield Trust Co raised its position in Shopify by 149.2% during 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. Finally, Dagco Inc. purchased a new position in Shopify during the 1st quarter worth $30,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SHOP. The Goldman Sachs Group boosted their price target on shares of Shopify from $120.00 to $176.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. TD Securities lifted their price objective on Shopify from $130.00 to $156.00 and gave the company a “hold” rating in a report on Friday, October 3rd. Mizuho increased their target price on Shopify from $85.00 to $150.00 and gave the stock a “neutral” rating in a research note on Thursday, August 7th. Needham & Company LLC assumed coverage on Shopify in a report on Monday, July 14th. They issued a “buy” rating and a $135.00 price target for the company. Finally, Royal Bank Of Canada lifted their price target on Shopify from $170.00 to $200.00 and gave the company an “outperform” rating in a research note on Friday. One 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, the company has an average rating of “Moderate Buy” and a consensus target price of $152.76.

Shopify Price Performance

SHOP opened at $164.71 on Tuesday. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $169.69. The stock has a market cap of $214.07 billion, a P/E ratio of 92.02, a P/E/G ratio of 7.39 and a beta of 2.72. The stock’s 50 day simple moving average is $148.34 and its 200 day simple moving average is $122.02.

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

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.