Focus Partners Wealth Boosts Holdings in Shopify Inc. $SHOP

Focus Partners Wealth raised its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 7.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 288,722 shares of the software maker’s stock after buying an additional 19,908 shares during the period. Focus Partners Wealth’s holdings in Shopify were worth $27,567,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in SHOP. Nuveen LLC bought a new position in shares of Shopify in the 1st quarter worth $667,392,000. Jennison Associates LLC increased its holdings in shares of Shopify by 324.3% in the 1st quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker’s stock worth $504,209,000 after buying an additional 4,036,326 shares during the last quarter. Canada Pension Plan Investment Board increased its holdings in shares of Shopify by 34.4% in the 1st quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker’s stock worth $565,504,000 after buying an additional 1,522,573 shares during the last quarter. Mackenzie Financial Corp increased its holdings in shares of Shopify by 19.7% in the 1st quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker’s stock worth $822,745,000 after buying an additional 1,426,406 shares during the last quarter. Finally, Voloridge Investment Management LLC bought a new position in shares of Shopify in the 4th quarter worth $125,334,000. Institutional investors own 69.27% of the company’s stock.

Shopify Trading Up 2.0%

NASDAQ:SHOP opened at $145.03 on Friday. The company has a 50-day moving average price of $133.25 and a 200-day moving average price of $111.82. Shopify Inc. has a 12 month low of $69.63 and a 12 month high of $156.85. The stock has a market cap of $188.49 billion, a price-to-earnings ratio of 81.02, a P/E/G ratio of 6.74 and a beta of 2.69.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping the consensus estimate of $0.29 by $0.06. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The firm had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.55 billion. During the same period last year, the company posted $0.26 EPS. The company’s quarterly revenue was up 31.1% compared to the same quarter last year. Equities analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms recently commented on SHOP. National Bankshares increased their target price on shares of Shopify from $140.00 to $180.00 and gave the company an “outperform” rating in a report on Thursday, August 7th. Oppenheimer increased their target price on shares of Shopify from $145.00 to $180.00 and gave the company an “outperform” rating in a report on Thursday, August 7th. Arete Research raised shares of Shopify to a “hold” rating in a report on Wednesday, July 23rd. Evercore ISI increased their price target on shares of Shopify from $120.00 to $170.00 and gave the company an “outperform” rating in a research report on Friday, August 8th. Finally, BMO Capital Markets increased 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. Twenty-four equities research analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and an average price target of $150.27.

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.