Select Equity Group L.P. Has $71.30 Million Position in Shopify Inc. (NYSE:SHOP)

Select Equity Group L.P. decreased its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 41.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,079,509 shares of the software maker’s stock after selling 769,072 shares during the quarter. Select Equity Group L.P. owned 0.08% of Shopify worth $71,302,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Legal & General Group Plc grew its stake in Shopify by 1.8% during the second quarter. Legal & General Group Plc now owns 8,233,517 shares of the software maker’s stock worth $544,017,000 after buying an additional 145,618 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in shares of Shopify by 49.9% in the 2nd quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock worth $417,386,000 after acquiring an additional 2,102,939 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Shopify by 7.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,726,950 shares of the software maker’s stock worth $510,016,000 after acquiring an additional 533,111 shares during the last quarter. Maplelane Capital LLC acquired a new stake in Shopify during the 2nd quarter valued at $5,614,000. Finally, APG Asset Management N.V. raised its position in Shopify by 6.3% in the 2nd quarter. APG Asset Management N.V. now owns 936,792 shares of the software maker’s stock valued at $57,751,000 after purchasing an additional 55,420 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several research analyst reports. Morgan Stanley increased their target price on Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. DZ Bank lowered shares of Shopify from a “hold” rating to a “sell” rating in a report on Friday, August 9th. KeyCorp started coverage on shares of Shopify in a research note on Thursday, July 25th. They issued an “overweight” rating and a $80.00 target price for the company. Deutsche Bank Aktiengesellschaft raised their price target on shares of Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Finally, Evercore upped their price objective on Shopify from $75.00 to $80.00 in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $77.92.

Shopify Stock Up 1.9 %

Shopify stock opened at $80.77 on Friday. The company has a fifty day simple moving average of $69.58 and a 200 day simple moving average of $68.56. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. Shopify Inc. has a 1-year low of $45.50 and a 1-year high of $91.57. The company has a market cap of $104.09 billion, a P/E ratio of -475.12, a price-to-earnings-growth ratio of 2.68 and a beta of 2.35.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results 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. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The business had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.01 billion. During the same quarter in the previous year, the business earned ($0.08) earnings per share. Shopify’s quarterly revenue was up 20.7% on a year-over-year basis. Research analysts anticipate that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

Shopify Company Profile

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.