Ethic Inc. Buys Shares of 2,023 Shopify Inc. $SHOP

Ethic Inc. bought a new stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,023 shares of the software maker’s stock, valued at approximately $230,000.

A number of other large investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Shopify by 1.9% in the first quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker’s stock valued at $4,563,106,000 after purchasing an additional 882,168 shares during the period. Mackenzie Financial Corp boosted its holdings in shares of Shopify by 19.7% in the first 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 during the period. Nuveen LLC purchased a new stake in shares of Shopify in the first quarter valued at approximately $667,392,000. Canada Pension Plan Investment Board boosted its holdings in shares of Shopify by 34.4% in the first 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 during the period. Finally, Massachusetts Financial Services Co. MA boosted its holdings in shares of Shopify by 21.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker’s stock valued at $539,382,000 after purchasing an additional 979,598 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

SHOP has been the subject of a number of research reports. Canaccord Genuity Group boosted their price target on Shopify from $115.00 to $165.00 and gave the company a “buy” rating in a report on Thursday, August 7th. Scotiabank reiterated a “sector perform” rating and issued a $150.00 price target (up previously from $115.00) on shares of Shopify in a report on Thursday, August 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Shopify in a report on Wednesday, October 8th. Oppenheimer restated an “outperform” rating and set a $200.00 target price (up previously from $180.00) on shares of Shopify in a report on Tuesday. Finally, Stifel Nicolaus upped their target price on Shopify from $110.00 to $150.00 and gave the stock a “hold” rating in a report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, twenty-two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $155.35.

Shopify Trading Down 3.0%

Shares of SHOP stock opened at $173.61 on Friday. The business’s fifty day simple moving average is $152.94 and its 200-day simple moving average is $126.64. The company has a market cap of $225.63 billion, a PE ratio of 96.99, a PEG ratio of 8.38 and a beta of 2.72. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $182.19.

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