Plato Investment Management Ltd Has $2.45 Million Position in Shopify Inc. $SHOP

Plato Investment Management Ltd reduced its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 48.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,386 shares of the software maker’s stock after selling 20,089 shares during the quarter. Plato Investment Management Ltd’s holdings in Shopify were worth $2,453,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of SHOP. Nuveen LLC acquired a new position in shares of Shopify during the 1st quarter worth about $667,392,000. Jennison Associates LLC lifted its holdings in shares of Shopify by 118.1% during the 2nd quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker’s stock valued at $1,328,787,000 after purchasing an additional 6,238,829 shares in the last quarter. Canada Pension Plan Investment Board lifted its holdings in shares of Shopify by 34.4% during the 1st quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker’s stock valued at $565,504,000 after purchasing an additional 1,522,573 shares in the last quarter. Mackenzie Financial Corp lifted 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 valued at $822,745,000 after purchasing an additional 1,426,406 shares in the last quarter. Finally, Alliancebernstein L.P. lifted 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 valued at $530,336,000 after purchasing an additional 1,094,840 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Trading Up 0.1%

SHOP stock opened at $173.86 on Friday. The firm has a market capitalization of $225.96 billion, a PE ratio of 97.13, a PEG ratio of 8.14 and a beta of 2.72. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $182.19. The business’s 50 day simple moving average is $153.57 and its 200 day simple moving average is $127.57.

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on SHOP shares. Royal Bank Of Canada lifted their price objective on Shopify from $170.00 to $200.00 and gave the company an “outperform” rating in a report on Friday, October 17th. ATB Capital lowered Shopify to a “sector perform” rating in a research report on Thursday, August 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Shopify in a research report on Wednesday, October 8th. Robert W. Baird boosted their price target on Shopify from $160.00 to $170.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 7th. Finally, Arete Research raised Shopify to a “hold” rating in a research report on Wednesday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twenty-two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and a consensus target price of $155.35.

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.