Index Fund Advisors Inc. Makes New $626,000 Investment in Shopify Inc. $SHOP

Index Fund Advisors Inc. purchased a new position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 5,423 shares of the software maker’s stock, valued at approximately $626,000.

A number of other large investors have also made changes to their positions in the business. Yarger Wealth Strategies LLC increased its position in shares of Shopify by 11.9% during the second quarter. Yarger Wealth Strategies LLC now owns 3,385 shares of the software maker’s stock worth $390,000 after purchasing an additional 359 shares in the last quarter. LRI Investments LLC increased its position in shares of Shopify by 154.5% in the 2nd quarter. LRI Investments LLC now owns 3,016 shares of the software maker’s stock valued at $348,000 after acquiring an additional 1,831 shares during the period. Legal Advantage Investments Inc. increased its position in shares of Shopify by 8.3% in the 2nd quarter. Legal Advantage Investments Inc. now owns 26,110 shares of the software maker’s stock valued at $3,012,000 after acquiring an additional 2,000 shares during the period. CWM LLC increased its position in shares of Shopify by 22.8% in the 2nd quarter. CWM LLC now owns 15,840 shares of the software maker’s stock valued at $1,827,000 after acquiring an additional 2,939 shares during the period. Finally, Vanguard Personalized Indexing Management LLC increased its position in shares of Shopify by 14.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 55,248 shares of the software maker’s stock valued at $6,373,000 after acquiring an additional 6,827 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Performance

NASDAQ:SHOP opened at $151.02 on Monday. Shopify Inc. has a one year low of $69.84 and a one year high of $169.69. The firm has a market cap of $196.27 billion, a price-to-earnings ratio of 84.37, a PEG ratio of 7.07 and a beta of 2.72. The firm’s fifty day moving average is $146.61 and its two-hundred day moving average is $119.28.

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

Wall Street Analysts Forecast Growth

SHOP has been the topic of several research reports. Bank of America upped their target price on Shopify from $110.00 to $185.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Needham & Company LLC initiated coverage on Shopify in a research report on Monday, July 14th. They issued a “buy” rating and a $135.00 target price on the stock. National Bankshares upped their target price on Shopify from $140.00 to $180.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. Truist Financial upped their target price on Shopify from $95.00 to $150.00 and gave the company a “hold” rating in a research report on Thursday, August 7th. Finally, DA Davidson upped their target price on Shopify from $125.00 to $185.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Twenty-two analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price 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.