Apollon Wealth Management LLC Increases Stake in Shopify Inc. (NYSE:SHOP)

Apollon Wealth Management LLC raised its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.3% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 115,338 shares of the software maker’s stock after acquiring an additional 3,662 shares during the quarter. Apollon Wealth Management LLC’s holdings in Shopify were worth $7,618,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Norden Group LLC purchased a new position in Shopify during the 1st quarter valued at about $3,618,000. Silvercrest Asset Management Group LLC lifted its holdings in shares of Shopify by 735.0% during the first quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock valued at $4,084,000 after purchasing an additional 46,589 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its position in shares of Shopify by 5.8% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock worth $40,838,000 after purchasing an additional 28,639 shares in the last quarter. FIL Ltd grew its stake in shares of Shopify by 1.8% in the 4th quarter. FIL Ltd now owns 13,303,001 shares of the software maker’s stock worth $1,035,688,000 after buying an additional 238,596 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Shopify by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock valued at $3,309,154,000 after buying an additional 713,064 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Trading Up 0.8 %

Shares of NYSE SHOP traded up $0.60 during trading hours on Monday, hitting $75.15. 6,244,845 shares of the company traded hands, compared to its average volume of 10,365,779. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The company’s 50 day moving average price is $64.53 and its 200 day moving average price is $69.47. The stock has a market capitalization of $96.84 billion, a price-to-earnings ratio of -437.82, a price-to-earnings-growth ratio of 2.40 and a beta of 2.30. Shopify Inc. has a 12 month low of $45.50 and a 12 month high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. The company had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. Shopify’s revenue was up 20.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.08) EPS. On average, equities research analysts anticipate that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Wells Fargo & Company raised their price target on Shopify from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. UBS Group lifted their target price on shares of Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Truist Financial dropped their target price on shares of Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a research note on Tuesday, August 6th. Benchmark reiterated a “hold” rating on shares of Shopify in a report on Tuesday, August 6th. Finally, Piper Sandler boosted their target price on shares of Shopify from $63.00 to $67.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $77.24.

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.