Several investment firms have recently adjusted their positions in Shopify Inc. (SHOP) stock, acquiring new stakes or increasing existing holdings. This activity comes as the e-commerce giant continues to navigate the dynamic market landscape, with recent quarterly earnings showing robust revenue growth.
Key Takeaways
- Multiple investment firms have initiated or expanded their positions in Shopify (SHOP) stock.
- These adjustments occurred during the second quarter, as indicated by recent SEC filings.
- Shopify recently reported strong quarterly earnings, exceeding analyst expectations.
Institutional Investment Shifts
Recent filings reveal a flurry of activity from institutional investors concerning Shopify's stock. Inspire Investing LLC, for instance, acquired a new stake of 24,354 shares, valued at approximately $2.8 million. Similarly, IFP Advisors Inc. significantly grew its holdings, increasing its stake by 113.6% to own 21,750 shares worth about $2.5 million. Commerzbank Aktiengesellschaft FI entered the picture with a new position of 13,899 shares, valued at roughly $1.6 million. Total Wealth Planning & Management Inc. also established a new position, purchasing 1,875 shares for approximately $216,000, while Optas LLC acquired 1,778 shares valued at around $205,000.
Other institutional investors have also made notable adjustments. Family Legacy Financial Solutions LLC and Coastline Trust Co. initiated new positions, while Global Wealth Strategies & Associates and Smithfield Trust Co. saw significant percentage increases in their stakes. Overall, institutional investors hold approximately 69.27% of Shopify's stock.
Shopify's Recent Performance and Analyst Outlook
Shopify recently announced its quarterly earnings, reporting $0.35 earnings per share, surpassing the consensus estimate of $0.29. The company's revenue for the quarter reached $2.68 billion, exceeding analyst expectations of $2.55 billion and marking a 31.1% increase year-over-year. The company boasts a return on equity of 12.30% and a net margin of 23.42%.
Analysts maintain a generally positive outlook on Shopify, with a consensus rating of "Hold." The average target price set by analysts stands at approximately $151.95. Recent analyst actions include price target increases and rating adjustments from firms like JPMorgan Chase & Co., Wedbush, and CIBC, reflecting varied perspectives on the company's future growth potential.
Key Takeaways
- Inspire Investing LLC Takes Position in Shopify Inc. $SHOP, MarketBeat.
- IFP Advisors Inc Grows Holdings in Shopify Inc. $SHOP, MarketBeat.
- Commerzbank Aktiengesellschaft FI Takes $1.60 Million Position in Shopify Inc. $SHOP, MarketBeat.
- Total Wealth Planning & Management Inc. Takes $216,000 Position in Shopify Inc. $SHOP, MarketBeat.
- Optas LLC Takes Position in Shopify Inc. $SHOP, MarketBeat.
