BI Asset Management Fondsmaeglerselskab A S lifted its position in Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) by 38.9% during the 1st quarter, HoldingsChannel.com reports. The fund owned 225,390 shares of the software maker’s stock after buying an additional 63,180 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in Shopify were worth $21,520,000 at the end of the most recent quarter.
Other institutional investors have also made changes to their positions in the company. Fourth Dimension Wealth LLC purchased a new position in Shopify during the fourth quarter valued at approximately $30,000. Smithfield Trust Co grew its position in Shopify by 149.2% during the first quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock valued at $30,000 after purchasing an additional 188 shares in the last quarter. Dagco Inc. purchased a new position in Shopify during the first quarter valued at approximately $30,000. Cary Street Partners Investment Advisory LLC grew its position in Shopify by 86.8% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker’s stock valued at $34,000 after purchasing an additional 165 shares in the last quarter. Finally, Accent Capital Management LLC purchased a new position in Shopify during the first quarter valued at approximately $46,000. 69.27% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of research analysts recently commented on SHOP shares. JPMorgan Chase & Co. boosted their price objective on shares of Shopify from $115.00 to $179.00 and gave the company an “overweight” rating in a research report on Thursday, August 7th. Mizuho increased their price target on shares of Shopify from $85.00 to $150.00 and gave the stock a “neutral” rating in a research note on Thursday, August 7th. Morgan Stanley raised their price target on shares of Shopify from $106.00 to $112.00 and gave the company an “overweight” rating in a report on Friday, May 9th. BNP Paribas Exane downgraded shares of Shopify from an “outperform” rating to a “neutral” rating and set a $100.00 price target on the stock. in a report on Monday, May 5th. Finally, Phillip Securities downgraded shares of Shopify from a “moderate buy” rating to a “hold” rating in a report on Tuesday, August 12th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and twenty-four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $148.51.
Shopify Stock Up 1.2%
NYSE SHOP opened at $143.11 on Tuesday. The stock has a market cap of $185.67 billion, a P/E ratio of 92.33, a PEG ratio of 4.82 and a beta of 2.63. The company’s 50-day simple moving average is $122.22 and its 200 day simple moving average is $109.20. Shopify Inc. has a twelve month low of $65.86 and a twelve month high of $156.85.
Shopify (NYSE:SHOP – Get Free Report) (TSE:SHOP) last posted its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. The business had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.55 billion. Shopify had a net margin of 22.74% and a return on equity of 12.00%. The firm’s revenue for the quarter was up 31.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.26 earnings per share. Research analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current year.
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.
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