1832 Asset Management L.P. Raises Stock Holdings in Shopify Inc. $SHOP

1832 Asset Management L.P. boosted its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 72.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,108,563 shares of the software maker’s stock after purchasing an additional 1,306,333 shares during the quarter. 1832 Asset Management L.P. owned approximately 0.24% of Shopify worth $358,573,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC increased its stake in shares of Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock worth $2,252,000 after buying an additional 584 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in Shopify by 25.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 114,679 shares of the software maker’s stock worth $10,950,000 after acquiring an additional 23,190 shares in the last quarter. J. Safra Sarasin Holding AG bought a new stake in shares of Shopify in the 1st quarter worth about $227,000. Smithfield Trust Co increased its position in shares of Shopify by 149.2% in the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock worth $30,000 after purchasing an additional 188 shares during the last quarter. Finally, Commonwealth Equity Services LLC raised its stake in shares of Shopify by 23.3% in the 1st quarter. Commonwealth Equity Services LLC now owns 462,602 shares of the software maker’s stock valued at $44,169,000 after purchasing an additional 87,333 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Price Performance

Shares of NASDAQ:SHOP opened at $156.83 on Wednesday. The stock has a market cap of $204.17 billion, a price-to-earnings ratio of 116.17, a PEG ratio of 5.51 and a beta of 2.82. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $182.19. The stock’s 50 day moving average price is $157.46 and its 200 day moving average price is $136.78.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.03. Shopify had a return on equity of 11.72% and a net margin of 16.65%.The company had revenue of $2.84 billion for the quarter, compared to analysts’ expectations of $2.75 billion. On average, sell-side analysts expect that Shopify Inc. will post 1.12 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SHOP. Stifel Nicolaus set a $175.00 price target on Shopify in a research note on Tuesday, November 4th. Needham & Company LLC reaffirmed a “buy” rating and set a $180.00 target price on shares of Shopify in a report on Wednesday, November 5th. UBS Group reiterated a “neutral” rating and issued a $165.00 price target (up from $145.00) on shares of Shopify in a report on Wednesday, November 5th. JMP Securities upped their price target on Shopify from $135.00 to $185.00 and gave the company a “market outperform” rating in a research report on Thursday, August 7th. Finally, TD Securities raised their price objective on Shopify from $130.00 to $156.00 and gave the stock a “hold” rating in a research note on Friday, October 3rd. Twenty-two investment analysts have rated the stock with a Buy rating and twenty-four have given a Hold rating to the stock. According to MarketBeat, Shopify presently has an average rating of “Hold” and an average price target of $165.69.

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.