R Squared Ltd Increases Position in Shopify Inc. $SHOP

R Squared Ltd raised its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 2.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,066 shares of the software maker’s stock after purchasing an additional 144 shares during the period. R Squared Ltd’s holdings in Shopify were worth $815,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Hummer Financial Advisory Services Inc raised its stake in shares of Shopify by 3.8% during the 2nd quarter. Hummer Financial Advisory Services Inc now owns 2,595 shares of the software maker’s stock worth $299,000 after acquiring an additional 95 shares in the last quarter. Salem Investment Counselors Inc. increased its position in shares of Shopify by 16.7% during the second quarter. Salem Investment Counselors Inc. now owns 700 shares of the software maker’s stock worth $81,000 after purchasing an additional 100 shares in the last quarter. Moseley Investment Management Inc. lifted its holdings in shares of Shopify by 2.8% during the 2nd quarter. Moseley Investment Management Inc. now owns 3,674 shares of the software maker’s stock valued at $424,000 after purchasing an additional 100 shares during the last quarter. Tradewinds Capital Management LLC lifted its holdings in shares of Shopify by 71.4% during the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after purchasing an additional 100 shares during the last quarter. Finally, Moser Wealth Advisors LLC boosted its position in shares of Shopify by 1.0% in the 2nd quarter. Moser Wealth Advisors LLC now owns 10,274 shares of the software maker’s stock worth $1,185,000 after purchasing an additional 100 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

SHOP has been the subject of a number of research analyst reports. Stifel Nicolaus increased their price target on Shopify from $110.00 to $150.00 and gave the company a “hold” rating in a research note on Thursday, August 7th. CIBC boosted their target price on shares of Shopify from $145.00 to $185.00 and gave the stock an “outperform” rating in a research report on Thursday, August 7th. Needham & Company LLC initiated coverage on shares of Shopify in a report on Monday, July 14th. They issued a “buy” rating and a $135.00 price target for the company. UBS Group boosted their price objective on shares of Shopify from $110.00 to $145.00 and gave the company a “neutral” rating in a report on Thursday, August 7th. Finally, Wedbush raised their target price on Shopify from $115.00 to $160.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. One investment 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 company’s stock. According to MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and an average price target of $153.30.

Shopify Trading Up 3.1%

Shares of NASDAQ:SHOP opened at $167.03 on Friday. The company has a market capitalization of $217.08 billion, a PE ratio of 93.31, a PEG ratio of 7.58 and a beta of 2.72. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $169.69. The business has a 50 day moving average of $149.30 and a two-hundred day moving average of $123.18.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. The firm had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The firm’s quarterly revenue was up 31.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.26 earnings per share. Equities research analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

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.