Ardsley Advisory Partners LP Raises Holdings in Shopify Inc. $SHOP

Ardsley Advisory Partners LP boosted its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 46.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 59,400 shares of the software maker’s stock after acquiring an additional 18,750 shares during the quarter. Ardsley Advisory Partners LP’s holdings in Shopify were worth $6,852,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Arrow Capital Pty Ltd acquired a new stake in shares of Shopify during the 2nd quarter worth approximately $4,614,000. Intact Investment Management Inc. boosted its holdings in Shopify by 31.6% during the second quarter. Intact Investment Management Inc. now owns 430,694 shares of the software maker’s stock worth $49,660,000 after buying an additional 103,410 shares in the last quarter. Investors Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna acquired a new stake in Shopify during the second quarter valued at $534,000. Lombard Odier Asset Management Switzerland SA increased its holdings in Shopify by 7.3% in the second quarter. Lombard Odier Asset Management Switzerland SA now owns 40,361 shares of the software maker’s stock valued at $4,659,000 after buying an additional 2,743 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its holdings in Shopify by 202.3% in the second quarter. Daiwa Securities Group Inc. now owns 199,136 shares of the software maker’s stock valued at $22,971,000 after buying an additional 133,270 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SHOP has been the topic of several recent analyst reports. Raymond James Financial reissued a “market perform” rating on shares of Shopify in a research note on Monday, December 1st. Cantor Fitzgerald reiterated a “neutral” rating and set a $181.00 price target (up previously from $156.00) on shares of Shopify in a research report on Wednesday, November 5th. Canaccord Genuity Group raised their price objective on Shopify from $165.00 to $185.00 and gave the company a “buy” rating in a report on Tuesday, November 4th. Truist Financial set a $155.00 price objective on Shopify and gave the company a “hold” rating in a research report on Tuesday, November 4th. Finally, Robert W. Baird increased their target price on Shopify from $160.00 to $170.00 and gave the company an “outperform” rating in a research report on Tuesday, October 7th. Twenty-two research analysts have rated the stock with a Buy rating and twenty-three have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $166.53.

Shopify Price Performance

Shares of Shopify stock opened at $159.89 on Wednesday. The business has a 50 day simple moving average of $158.89 and a two-hundred day simple moving average of $138.74. The stock has a market capitalization of $208.15 billion, a P/E ratio of 118.44, a PEG ratio of 5.89 and a beta of 2.82. 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 Tuesday, November 4th. The software maker reported $0.27 EPS for the quarter, topping 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 firm had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $2.75 billion. As a group, research analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal 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.