Equitable Trust Co. Has $37.60 Million Holdings in Shopify Inc. $SHOP

Equitable Trust Co. boosted its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 32.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 325,949 shares of the software maker’s stock after purchasing an additional 79,327 shares during the period. Shopify accounts for about 1.9% of Equitable Trust Co.’s investment portfolio, making the stock its 9th biggest holding. Equitable Trust Co.’s holdings in Shopify were worth $37,598,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of SHOP. Nuveen LLC acquired a new position in Shopify during the first quarter worth $667,392,000. Jennison Associates LLC lifted its stake in Shopify by 324.3% in the 1st quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker’s stock valued at $504,209,000 after purchasing an additional 4,036,326 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in 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 buying an additional 1,522,573 shares during the period. Mackenzie Financial Corp increased its holdings in shares of Shopify by 19.7% during the 1st quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker’s stock worth $822,745,000 after acquiring an additional 1,426,406 shares during the last quarter. Finally, Alliancebernstein L.P. increased its holdings in shares of Shopify by 24.6% during the 1st quarter. Alliancebernstein L.P. now owns 5,554,420 shares of the software maker’s stock worth $530,336,000 after acquiring an additional 1,094,840 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

SHOP has been the subject of a number of research analyst reports. BMO Capital Markets lifted their price objective on shares of Shopify from $120.00 to $180.00 and gave the stock an “outperform” rating in a research report on Thursday, August 7th. Benchmark restated a “buy” rating and set a $140.00 target price (up previously from $125.00) on shares of Shopify in a research note on Tuesday, August 5th. Wedbush increased their price target on shares of Shopify from $115.00 to $160.00 and gave the company an “outperform” rating in a report on Thursday, August 7th. Phillip Securities downgraded Shopify from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, August 12th. Finally, Zacks Research raised Shopify to a “hold” rating in a research report on Tuesday, August 12th. Twenty-two investment analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Shopify currently has a consensus rating of “Hold” and a consensus price target of $151.95.

Shopify Stock Up 1.7%

Shares of Shopify stock opened at $153.66 on Tuesday. The company has a market capitalization of $199.71 billion, a price-to-earnings ratio of 85.84, a PEG ratio of 7.07 and a beta of 2.72. The firm’s 50-day moving average price is $147.18 and its two-hundred day moving average price is $119.67. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $169.69.

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