E Fund Management Hong Kong Co. Ltd. Acquires New Position in Shopify Inc. $SHOP

E Fund Management Hong Kong Co. Ltd. acquired a new stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the second quarter, according to its most recent 13F filing with the SEC. The fund acquired 500 shares of the software maker’s stock, valued at approximately $58,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SHOP. Vanguard Group Inc. grew its holdings in Shopify by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker’s stock valued at $4,563,106,000 after buying an additional 882,168 shares in the last quarter. Mackenzie Financial Corp grew its holdings in 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 buying an additional 1,426,406 shares in the last quarter. Nuveen LLC purchased a new position in Shopify during the 1st quarter valued at about $667,392,000. Canada Pension Plan Investment Board grew its holdings in 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 buying an additional 1,522,573 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in Shopify by 21.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker’s stock valued at $539,382,000 after buying an additional 979,598 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on SHOP shares. KeyCorp reaffirmed an “overweight” rating and set a $175.00 target price (up previously from $145.00) on shares of Shopify in a report on Thursday, August 7th. Robert W. Baird lifted their target price on Shopify from $160.00 to $170.00 and gave the company an “outperform” rating in a report on Tuesday. Atb Cap Markets lowered Shopify from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Shopify in a report on Wednesday. Finally, Needham & Company LLC started coverage on Shopify in a report on Monday, July 14th. They set a “buy” rating and a $135.00 price objective for the company. Twenty-two 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $151.95.

Shopify Trading Up 3.2%

Shares of NASDAQ SHOP opened at $166.43 on Thursday. The firm has a market capitalization of $216.30 billion, a price-to-earnings ratio of 92.98, a PEG ratio of 7.55 and a beta of 2.72. The business has a 50-day moving average of $145.13 and a 200-day moving average of $118.40. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $169.69.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued 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 during 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%.Shopify’s revenue for the quarter 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. On average, analysts predict that Shopify Inc. will post 1.12 earnings per share for the current year.

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.