Arrow Capital Pty Ltd Invests $4.61 Million in Shopify Inc. $SHOP

Arrow Capital Pty Ltd bought a new position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 40,000 shares of the software maker’s stock, valued at approximately $4,614,000. Shopify accounts for approximately 3.4% of Arrow Capital Pty Ltd’s holdings, making the stock its 14th biggest position.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its position in Shopify by 2.8% during the 2nd quarter. Vanguard Group Inc. now owns 49,316,695 shares of the software maker’s stock worth $5,688,053,000 after purchasing an additional 1,354,415 shares in the last quarter. Norges Bank purchased a new stake in shares of Shopify in the second quarter valued at $1,794,952,000. Loomis Sayles & Co. L P boosted its position in shares of Shopify by 1.3% in the second quarter. Loomis Sayles & Co. L P now owns 14,622,787 shares of the software maker’s stock worth $1,686,738,000 after buying an additional 191,824 shares during the period. Jennison Associates LLC boosted its position in shares of Shopify by 118.1% in the second quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker’s stock worth $1,328,787,000 after buying an additional 6,238,829 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of Shopify by 19.9% during the second quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock valued at $1,247,007,000 after buying an additional 1,781,530 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Performance

NASDAQ:SHOP opened at $159.89 on Wednesday. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $182.19. The company has a market cap of $208.15 billion, a price-to-earnings ratio of 118.44, a PEG ratio of 5.89 and a beta of 2.82. The firm’s 50-day moving average is $158.89 and its 200-day moving average is $138.74.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its 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. Equities analysts predict that Shopify Inc. will post 1.12 EPS for the current year.

Wall Street Analyst Weigh In

SHOP has been the subject of a number of research analyst reports. Zacks Research lowered shares of Shopify from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 12th. Barclays set a $140.00 target price on shares of Shopify and gave the stock an “equal weight” rating in a research report on Wednesday, November 5th. Morgan Stanley reissued an “overweight” rating and set a $192.00 target price (up previously from $165.00) on shares of Shopify in a research note on Wednesday, November 5th. Cantor Fitzgerald restated a “neutral” rating and set a $181.00 price target (up from $156.00) on shares of Shopify in a report on Wednesday, November 5th. Finally, BNP Paribas initiated coverage on Shopify in a report on Monday, November 24th. They set a “neutral” rating for the company. Twenty-two equities research analysts have rated the stock with a Buy rating and twenty-three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $166.53.

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.