Shopify Inc. $SHOP Shares Acquired by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. lifted its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 1.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,386 shares of the software maker’s stock after purchasing an additional 654 shares during the period. Assenagon Asset Management S.A.’s holdings in Shopify were worth $4,533,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of SHOP. Nuveen LLC purchased a new position in shares of Shopify in the 1st quarter valued at about $667,392,000. Jennison Associates LLC increased its stake in shares of Shopify by 324.3% in the 1st quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker’s stock valued at $504,209,000 after purchasing an additional 4,036,326 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in shares of Shopify by 34.4% in the 1st quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker’s stock valued at $565,504,000 after purchasing an additional 1,522,573 shares in the last quarter. Mackenzie Financial Corp increased its stake in shares of Shopify by 19.7% in the 1st quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker’s stock valued at $822,745,000 after purchasing an additional 1,426,406 shares in the last quarter. Finally, Alliancebernstein L.P. increased its stake in shares of Shopify by 24.6% in the 1st quarter. Alliancebernstein L.P. now owns 5,554,420 shares of the software maker’s stock valued at $530,336,000 after purchasing an additional 1,094,840 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Scotiabank restated a “sector perform” rating and issued a $150.00 price target (up previously from $115.00) on shares of Shopify in a research note on Thursday, August 7th. Canaccord Genuity Group boosted their price objective on Shopify from $115.00 to $165.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. Truist Financial boosted their price objective on Shopify from $95.00 to $150.00 and gave the stock a “hold” rating in a research note on Thursday, August 7th. Stifel Nicolaus boosted their price objective on Shopify from $110.00 to $150.00 and gave the stock a “hold” rating in a research note on Thursday, August 7th. Finally, KeyCorp reiterated an “overweight” rating and set a $175.00 price objective (up from $145.00) on shares of Shopify in a research note on Thursday, August 7th. Twenty-three research analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $151.69.

Shopify Price Performance

SHOP stock opened at $148.83 on Thursday. The business has a 50 day simple moving average of $139.40 and a 200-day simple moving average of $114.47. The firm has a market capitalization of $193.43 billion, a PE ratio of 83.15, a price-to-earnings-growth ratio of 7.10 and a beta of 2.69. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $159.01.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The business had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same period in the prior year, the business earned $0.26 earnings per share. The business’s revenue was up 31.1% compared to the same quarter last year. On average, equities research analysts expect that Shopify Inc. will post 1.12 EPS for the current year.

Shopify 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.