Investment Firm Increases Position in Shopify Inc. as Stock Trading Down 0.6%

Are you looking to invest in a company that is making waves in the e-commerce industry? Look no further than Shopify Inc. (NYSE:SHOP). This software maker has been gaining attention from institutional investors, with Empirical Financial Services LLC d.b.a. Empirical Wealth Management increasing its position in the company by 38.4% in the first quarter. Other large investors, such as Private Wealth Management Group LLC and SJS Investment Consulting Inc., have also made significant changes to their positions in Shopify.

Despite recent fluctuations in the stock market, Shopify has been holding steady. The company’s stock opened at $64.89 on Friday, with a fifty-day moving average of $63.05. While the stock has seen a 52-week low of $45.50, it has also reached a high of $91.57.

In terms of financial performance, Shopify has been exceeding expectations. The company reported earnings per share of $0.12 for the last quarter, surpassing the consensus estimate by $0.04. With a positive return on equity and strong revenue numbers, analysts are optimistic about Shopify’s future performance.

Speaking of analysts, several have weighed in on Shopify recently. While some have lowered their price targets, others have upgraded their ratings on the stock. Overall, the consensus rating for Shopify is a “Moderate Buy,” with a price target of $76.42.

If you’re interested in learning more about Shopify and its potential as an investment opportunity, be sure to check out our latest report on the company. With a strong platform that enables merchants to reach customers through various channels, Shopify is well-positioned for future growth in the e-commerce industry.

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