Mark Asset Management LP bought a new stake in Shopify Inc (NYSE:SHOP) (TSE:SHOP) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 3,200 shares of the software maker’s stock, valued at approximately $3,037,000.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in SHOP. Capital World Investors grew its holdings in Shopify by 69.1% in the 1st quarter. Capital World Investors now owns 4,875,199 shares of the software maker’s stock valued at $2,032,670,000 after buying an additional 1,991,970 shares during the last quarter. Morgan Stanley grew its holdings in Shopify by 24.4% in the 1st quarter. Morgan Stanley now owns 5,356,363 shares of the software maker’s stock valued at $2,233,229,000 after buying an additional 1,050,841 shares during the last quarter. Advisor Group Holdings Inc. acquired a new stake in Shopify in the 1st quarter valued at approximately $26,635,000. Discovery Value Fund grew its holdings in Shopify by 200.3% in the 1st quarter. Discovery Value Fund now owns 698,301 shares of the software maker’s stock valued at $291,143,000 after buying an additional 465,789 shares during the last quarter. Finally, Jennison Associates LLC grew its holdings in shares of Shopify by 11.5% during the 2nd quarter. Jennison Associates LLC now owns 3,300,244 shares of the software maker’s stock worth $3,132,592,000 after purchasing an additional 341,548 shares in the last quarter. 59.45% of the stock is currently owned by hedge funds and other institutional investors.
Shares of SHOP stock traded down $42.68 on Friday, reaching $973.02. 3,466,854 shares of the stock were exchanged, compared to its average volume of 1,774,343. Shopify Inc has a one year low of $282.08 and a one year high of $1,146.91. The stock has a market cap of $116.85 billion, a PE ratio of -1,595.09, a P/E/G ratio of 3,492.90 and a beta of 1.37. The stock has a 50 day moving average price of $1,013.77 and a 200 day moving average price of $740.44.
Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Wednesday, July 29th. The software maker reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $1.04. Shopify had a positive return on equity of 0.32% and a negative net margin of 3.25%. The firm had revenue of $714.34 million during the quarter, compared to analysts’ expectations of $511.56 million. During the same period in the previous year, the firm earned $0.10 earnings per share. The company’s revenue was up 97.3% on a year-over-year basis. As a group, analysts anticipate that Shopify Inc will post 0.01 earnings per share for the current year.
Several analysts have recently weighed in on SHOP shares. Citigroup lifted their price objective on Shopify from $998.00 to $1,200.00 and gave the stock a “neutral” rating in a report on Thursday, July 30th. Roth Capital lifted their price objective on Shopify from $800.00 to $850.00 in a report on Thursday, July 30th. Wells Fargo & Co lifted their price objective on Shopify from $700.00 to $1,000.00 and gave the stock a “hold” rating in a report on Thursday, July 30th. Wedbush lifted their price objective on Shopify from $860.00 to $998.00 and gave the stock a “neutral” rating in a report on Thursday, July 30th. They noted that the move was a valuation call. Finally, Credit Suisse Group lifted their price objective on Shopify from $700.00 to $850.00 and gave the stock a “neutral” rating in a report on Thursday, July 23rd. Two research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and ten have assigned a buy rating to the company. Shopify currently has a consensus rating of “Hold” and a consensus price target of $964.54.
Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.
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