Corton Capital Inc. Takes Position in Shopify Inc. $SHOP

Corton Capital Inc. bought a new stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the 2nd quarter, HoldingsChannel.com reports. The firm bought 23,000 shares of the software maker’s stock, valued at approximately $2,653,000. Shopify comprises approximately 3.1% of Corton Capital Inc.’s portfolio, making the stock its largest holding.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. boosted its position in Shopify by 4.4% in the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,231,257 shares of the software maker’s stock valued at $603,425,000 after buying an additional 218,829 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Shopify by 171.3% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker’s stock valued at $48,827,000 after buying an additional 267,271 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its position in Shopify by 9.6% in the second quarter. Oppenheimer Asset Management Inc. now owns 400,389 shares of the software maker’s stock valued at $46,185,000 after buying an additional 35,113 shares in the last quarter. ARK Investment Management LLC boosted its position in Shopify by 13.6% in the second quarter. ARK Investment Management LLC now owns 5,049,508 shares of the software maker’s stock valued at $582,461,000 after buying an additional 605,283 shares in the last quarter. Finally, Avior Wealth Management LLC boosted its position in Shopify by 32.6% in the second quarter. Avior Wealth Management LLC now owns 13,609 shares of the software maker’s stock valued at $1,570,000 after buying an additional 3,347 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SHOP has been the topic of a number of recent analyst reports. BMO Capital Markets boosted their price target on shares of Shopify from $120.00 to $180.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. Truist Financial boosted their price target on shares of Shopify from $95.00 to $150.00 and gave the company a “hold” rating in a research report on Thursday, August 7th. Arete reiterated a “neutral” rating on shares of Shopify in a research report on Wednesday, July 23rd. ATB Capital lowered shares of Shopify to a “sector perform” rating in a research report on Thursday, August 7th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Shopify in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twenty-two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $155.35.

Shopify Price Performance

Shares of NASDAQ SHOP opened at $173.86 on Monday. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $182.19. The firm has a market capitalization of $225.96 billion, a P/E ratio of 97.13, a P/E/G ratio of 8.14 and a beta of 2.72. The company’s 50 day simple moving average is $153.57 and its 200 day simple moving average is $127.88.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, beating the consensus estimate of $0.29 by $0.06. The firm had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The business’s quarterly revenue was up 31.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.26 earnings per share. Sell-side analysts expect 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.