Asset Management One Co. Ltd. Raises Stock Holdings in Shopify Inc. $SHOP

Asset Management One Co. Ltd. increased its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 2.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 101,901 shares of the software maker’s stock after purchasing an additional 2,517 shares during the period. Asset Management One Co. Ltd.’s holdings in Shopify were worth $11,754,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Shopify by 1.9% in the first quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker’s stock worth $4,563,106,000 after purchasing an additional 882,168 shares during the period. Mackenzie Financial Corp grew its stake in Shopify by 19.7% in the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker’s stock worth $822,745,000 after purchasing an additional 1,426,406 shares during the period. Nuveen LLC purchased a new stake in Shopify in the first quarter worth $667,392,000. Canada Pension Plan Investment Board grew 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 worth $565,504,000 after purchasing an additional 1,522,573 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its stake in Shopify by 21.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker’s stock worth $539,382,000 after purchasing an additional 979,598 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on SHOP. Canaccord Genuity Group boosted their target price on Shopify from $115.00 to $165.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. Truist Financial boosted their target price on Shopify from $95.00 to $150.00 and gave the stock a “hold” rating in a report on Thursday, August 7th. Mizuho boosted their target price on Shopify from $85.00 to $150.00 and gave the stock a “neutral” rating in a report on Thursday, August 7th. Barclays boosted their target price on Shopify from $94.00 to $120.00 and gave the stock an “equal weight” rating in a report on Thursday, August 7th. Finally, DA Davidson boosted their target price on Shopify from $125.00 to $185.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twenty-two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $153.30.

Shopify Price Performance

Shares of NASDAQ:SHOP opened at $172.95 on Monday. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $174.74. The stock’s fifty day moving average price is $149.93 and its 200-day moving average price is $124.40. The company has a market cap of $224.78 billion, a P/E ratio of 96.62, a PEG ratio of 8.10 and a beta of 2.72.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.06. The business had revenue of $2.68 billion for 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%.The business’s revenue for the quarter was up 31.1% on a year-over-year basis. During the same period last year, the firm posted $0.26 earnings per share. On average, sell-side analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current year.

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.