Public Sector Pension investment Board bought a new stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SH) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 468,700 shares of the software maker’s stock, valued at approximately $40,637,000. Public Sector Pension investment Board owned about 0.48% of Shopify as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Franklin Resources Inc. grew its stake in Shopify by 1,871.5% in the second quarter. Franklin Resources Inc. now owns 398,250 shares of the software maker’s stock worth $34,607,000 after purchasing an additional 378,050 shares in the last quarter. Morgan Stanley grew its stake in Shopify by 117.8% in the first quarter. Morgan Stanley now owns 643,902 shares of the software maker’s stock worth $43,843,000 after purchasing an additional 348,254 shares in the last quarter. Steadfast Capital Management LP bought a new position in Shopify in the first quarter worth approximately $21,630,000. TD Asset Management Inc. grew its stake in Shopify by 96.7% in the second quarter. TD Asset Management Inc. now owns 607,330 shares of the software maker’s stock worth $52,657,000 after purchasing an additional 298,510 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. bought a new position in Shopify in the second quarter worth approximately $19,043,000. 53.77% of the stock is currently owned by hedge funds and other institutional investors.
SHOP has been the topic of several research analyst reports. Vetr raised Shopify from a “hold” rating to a “buy” rating and set a $100.00 price objective on the stock in a research note on Tuesday, May 30th. Industrial Alliance Securities increased their price objective on Shopify from $87.00 to $134.00 and gave the stock a “buy” rating in a research note on Friday, May 26th. BidaskClub cut Shopify from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 14th. Roth Capital increased their price objective on Shopify from $92.00 to $101.00 and gave the stock a “buy” rating in a research note on Wednesday, July 26th. Finally, Zacks Investment Research raised Shopify from a “hold” rating to a “buy” rating and set a $101.00 price objective on the stock in a research note on Friday, July 28th. One analyst has rated the stock with a sell rating, eighteen have given a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. Shopify presently has an average rating of “Buy” and an average target price of $94.80.
Shares of Shopify Inc. (NYSE SHOP) traded down 2.07% during trading on Wednesday, reaching $120.40. The company had a trading volume of 562,944 shares. Shopify Inc. has a 1-year low of $37.74 and a 1-year high of $123.94. The firm has a 50-day moving average of $120.50 and a 200 day moving average of $120.50. The firm’s market capitalization is $11.87 billion.
Shopify (NYSE:SHOP) (TSE:SH) last issued its earnings results on Tuesday, August 1st. The software maker reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.05. The firm had revenue of $151.70 million during the quarter, compared to the consensus estimate of $143.94 million. Shopify had a negative net margin of 8.96% and a negative return on equity of 8.26%. The company’s revenue was up 75.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.04) earnings per share. Analysts expect that Shopify Inc. will post ($0.05) earnings per share for the current year.
Shopify Company Profile
Shopify Inc (Shopify) provides a cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company offers subscription solutions and merchant solutions. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts and marketplaces.
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