GGM Financials LLC Acquires New Holdings in Shopify Inc. $SHOP

GGM Financials LLC acquired a new stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 1,759 shares of the software maker’s stock, valued at approximately $203,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Nuveen LLC bought a new position in shares of Shopify in the first quarter valued at approximately $667,392,000. Jennison Associates LLC raised its position in shares of Shopify by 324.3% in the first quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker’s stock valued at $504,209,000 after purchasing an additional 4,036,326 shares during the period. Canada Pension Plan Investment Board raised its position in shares of 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 valued at $565,504,000 after purchasing an additional 1,522,573 shares during the period. Mackenzie Financial Corp raised its position in shares of Shopify by 19.7% in the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker’s stock valued at $822,745,000 after purchasing an additional 1,426,406 shares during the period. Finally, Alliancebernstein L.P. raised its position in shares of Shopify by 24.6% in the first quarter. Alliancebernstein L.P. now owns 5,554,420 shares of the software maker’s stock valued at $530,336,000 after purchasing an additional 1,094,840 shares during the period. Institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

NASDAQ:SHOP opened at $175.06 on Tuesday. Shopify Inc. has a one year low of $69.84 and a one year high of $176.88. The company has a fifty day moving average price of $150.57 and a 200 day moving average price of $124.98. The stock has a market cap of $227.52 billion, a P/E ratio of 97.80, a PEG ratio of 8.10 and a beta of 2.72.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $2.55 billion. During the same quarter in the previous year, the company earned $0.26 earnings per share. The business’s revenue was up 31.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on SHOP. Truist Financial lifted their price target on shares of Shopify from $95.00 to $150.00 and gave the company a “hold” rating in a research report on Thursday, August 7th. JMP Securities lifted their price target on shares of Shopify from $135.00 to $185.00 and gave the company a “market outperform” rating in a research report on Thursday, August 7th. TD Cowen reissued a “hold” rating and issued a $156.00 price target on shares of Shopify in a research report on Friday, October 3rd. Evercore ISI boosted their target price on shares of Shopify from $120.00 to $170.00 and gave the stock an “outperform” rating in a research report on Friday, August 8th. Finally, Loop Capital cut shares of Shopify from a “buy” rating to a “hold” rating and set a $120.00 target price for the company. in a research note on Tuesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twenty-two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Shopify presently has an average rating of “Moderate Buy” and a consensus price target of $153.30.

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.