Inspire Investing LLC Acquires Shares of 24,354 Shopify Inc. $SHOP

Inspire Investing LLC acquired a new stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the second quarter, HoldingsChannel reports. The fund acquired 24,354 shares of the software maker’s stock, valued at approximately $2,809,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Blue Trust Inc. grew its holdings in Shopify by 16.0% in the 2nd quarter. Blue Trust Inc. now owns 2,759 shares of the software maker’s stock valued at $318,000 after buying an additional 380 shares in the last quarter. Brandywine Oak Private Wealth LLC acquired a new position in Shopify in the 2nd quarter valued at $231,000. M1 Capital Management LLC acquired a new position in Shopify in the 2nd quarter valued at $249,000. Total Wealth Planning & Management Inc. acquired a new position in Shopify in the 2nd quarter valued at $216,000. Finally, Commerzbank Aktiengesellschaft FI acquired a new position in Shopify in the 2nd quarter valued at $1,603,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Down 7.8%

Shares of SHOP stock opened at $151.02 on Friday. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $169.69. The company has a market cap of $196.27 billion, a P/E ratio of 84.37, a P/E/G ratio of 7.67 and a beta of 2.72. The business has a fifty day simple moving average of $146.61 and a 200 day simple moving average of $119.06.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share 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 during the quarter, compared to the consensus estimate of $2.55 billion. During the same period in the prior year, the company earned $0.26 EPS. Shopify’s revenue for the quarter was up 31.1% on a year-over-year basis. As a group, equities research analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on SHOP shares. KeyCorp reaffirmed an “overweight” rating and issued a $175.00 price objective (up from $145.00) on shares of Shopify in a report on Thursday, August 7th. JPMorgan Chase & Co. increased their target price on Shopify from $115.00 to $179.00 and gave the stock an “overweight” rating in a report on Thursday, August 7th. Stifel Nicolaus increased their target price on Shopify from $110.00 to $150.00 and gave the stock a “hold” rating in a report on Thursday, August 7th. Bank of America increased their target price on Shopify from $110.00 to $185.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. Finally, Evercore ISI increased their target price on Shopify from $120.00 to $170.00 and gave the stock an “outperform” rating in a report on Friday, August 8th. Twenty-two research analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $151.95.

Shopify 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.