Mirova US LLC Has $348.91 Million Position in Shopify Inc. $SHOP

Mirova US LLC lifted its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 48.7% in the second quarter, HoldingsChannel.com reports. The fund owned 3,024,755 shares of the software maker’s stock after buying an additional 990,596 shares during the quarter. Shopify comprises 3.6% of Mirova US LLC’s portfolio, making the stock its 8th biggest holding. Mirova US LLC’s holdings in Shopify were worth $348,905,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in SHOP. Brighton Jones LLC lifted its position in shares of Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock worth $2,252,000 after buying an additional 584 shares in the last quarter. Park Avenue Securities LLC lifted its position in shares of Shopify by 7.0% in the first quarter. Park Avenue Securities LLC now owns 37,748 shares of the software maker’s stock worth $3,604,000 after buying an additional 2,470 shares in the last quarter. Capital Investment Advisors LLC lifted its position in shares of Shopify by 16.9% in the first quarter. Capital Investment Advisors LLC now owns 4,679 shares of the software maker’s stock worth $447,000 after buying an additional 676 shares in the last quarter. Toth Financial Advisory Corp lifted its position in shares of Shopify by 42.6% in the first quarter. Toth Financial Advisory Corp now owns 8,775 shares of the software maker’s stock worth $838,000 after buying an additional 2,623 shares in the last quarter. Finally, Moss Adams Wealth Advisors LLC purchased a new stake in shares of Shopify in the first quarter worth about $205,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shares of NASDAQ SHOP opened at $161.28 on Wednesday. The business’s 50 day moving average price is $144.26 and its 200-day moving average price is $118.06. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $169.69. The company has a market cap of $209.61 billion, a price-to-earnings ratio of 90.10, a PEG ratio of 7.70 and a beta of 2.72.

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

Analyst Upgrades and Downgrades

A number of research firms recently commented on SHOP. Mizuho boosted their target price on Shopify from $85.00 to $150.00 and gave the stock a “neutral” rating in a research report on Thursday, August 7th. Needham & Company LLC began coverage on Shopify in a research report on Monday, July 14th. They issued a “buy” rating and a $135.00 target price on the stock. Barclays boosted their target price on Shopify from $94.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 7th. JPMorgan Chase & Co. boosted their target price on Shopify from $115.00 to $179.00 and gave the stock an “overweight” rating in a research report on Thursday, August 7th. Finally, Cantor Fitzgerald set a $156.00 price objective on Shopify and gave the company a “neutral” rating in a research report on Wednesday, August 27th. Twenty-two investment analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $151.95.

Shopify Company 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.