Korea Investment CORP Grows Position in Shopify Inc (NYSE:SHOP)

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Korea Investment CORP boosted its stake in Shopify Inc (NYSE:SHOP) (TSE:SHOP) by 0.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 171,555 shares of the software maker’s stock after purchasing an additional 900 shares during the quarter. Korea Investment CORP owned about 0.15% of Shopify worth $51,671,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Baillie Gifford & Co. grew its holdings in Shopify by 8.4% in the second quarter. Baillie Gifford & Co. now owns 6,418,913 shares of the software maker’s stock valued at $1,926,637,000 after purchasing an additional 498,874 shares during the period. Thoroughbred Financial Services LLC lifted its position in Shopify by 29,316.3% during the second quarter. Thoroughbred Financial Services LLC now owns 1,533,766 shares of the software maker’s stock valued at $153,377,000 after buying an additional 1,528,552 shares in the last quarter. Jennison Associates LLC lifted its position in Shopify by 7.0% during the first quarter. Jennison Associates LLC now owns 1,403,846 shares of the software maker’s stock valued at $290,063,000 after buying an additional 91,669 shares in the last quarter. CIBC World Markets Inc. lifted its position in Shopify by 378.5% during the first quarter. CIBC World Markets Inc. now owns 865,184 shares of the software maker’s stock valued at $178,764,000 after buying an additional 684,365 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in Shopify by 5.0% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 619,775 shares of the software maker’s stock valued at $186,670,000 after buying an additional 29,283 shares in the last quarter. Hedge funds and other institutional investors own 59.63% of the company’s stock.

A number of research analysts have weighed in on the stock. CSFB lifted their price target on shares of Shopify from $275.00 to $370.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Zacks Investment Research cut shares of Shopify from a “hold” rating to a “sell” rating and set a $379.00 price target on the stock. in a research report on Friday, August 9th. Piper Jaffray Companies lifted their price target on shares of Shopify from $286.00 to $320.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. CIBC cut shares of Shopify from an “outperform” rating to a “neutral” rating and lifted their price target for the company from $260.00 to $350.00 in a research report on Thursday, June 20th. They noted that the move was a valuation call. Finally, UBS Group lifted their price target on shares of Shopify from $295.00 to $395.00 and gave the company a “buy” rating in a research report on Thursday, June 20th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and fourteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $329.73.

Shares of NYSE SHOP traded up $1.80 during trading on Wednesday, reaching $385.71. 917,962 shares of the stock were exchanged, compared to its average volume of 2,019,574. The business’s 50-day moving average price is $354.96 and its 200 day moving average price is $273.41. Shopify Inc has a twelve month low of $117.64 and a twelve month high of $409.61. The company has a quick ratio of 11.44, a current ratio of 11.44 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $42.99 billion, a price-to-earnings ratio of -632.31 and a beta of 1.23.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Thursday, August 1st. The software maker reported $0.14 EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.45. Shopify had a negative net margin of 5.98% and a negative return on equity of 3.85%. The business had revenue of $361.98 million for the quarter, compared to analysts’ expectations of $350.59 million. During the same period in the previous year, the company posted $0.02 earnings per share. The business’s revenue for the quarter was up 47.8% compared to the same quarter last year. As a group, sell-side analysts expect that Shopify Inc will post -0.82 earnings per share for the current fiscal year.

Shopify Profile

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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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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