RNC Capital Management LLC Acquires New Position in Shopify Inc. $SHOP

RNC Capital Management LLC purchased a new stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the second quarter, according to its most recent filing with the SEC. The fund purchased 2,970 shares of the software maker’s stock, valued at approximately $343,000.

A number of other institutional investors have also made changes to their positions in SHOP. Nuveen LLC acquired a new stake in shares of Shopify in the first quarter valued at $667,392,000. Jennison Associates LLC increased its holdings in shares of Shopify by 324.3% during the 1st quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker’s stock valued at $504,209,000 after acquiring 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% 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 acquiring an additional 1,522,573 shares during the last quarter. Mackenzie Financial Corp increased its holdings in shares of 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 acquiring an additional 1,426,406 shares during the last quarter. Finally, Alliancebernstein L.P. increased its holdings in shares of Shopify by 24.6% during the 1st quarter. Alliancebernstein L.P. now owns 5,554,420 shares of the software maker’s stock valued at $530,336,000 after acquiring an additional 1,094,840 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Price Performance

Shopify stock opened at $162.01 on Thursday. The company has a market capitalization of $210.56 billion, a PE ratio of 90.51, a price-to-earnings-growth ratio of 7.61 and a beta of 2.72. Shopify Inc. has a one year low of $69.84 and a one year high of $169.69. The business has a 50 day simple moving average of $148.84 and a 200 day simple moving average of $122.57.

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. The business had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.Shopify’s revenue was up 31.1% on a year-over-year basis. During the same quarter last year, the company earned $0.26 EPS. Equities analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have issued reports on SHOP. Cantor Fitzgerald set a $156.00 target price on Shopify and gave the company a “neutral” rating in a report on Wednesday, August 27th. Stifel Nicolaus raised their target price on Shopify from $110.00 to $150.00 and gave the company a “hold” rating in a report on Thursday, August 7th. JPMorgan Chase & Co. raised their target price on Shopify from $115.00 to $179.00 and gave the company an “overweight” rating in a report on Thursday, August 7th. TD Cowen reissued a “hold” rating and set a $156.00 price objective on shares of Shopify in a report on Friday, October 3rd. Finally, The Goldman Sachs Group lifted their price objective on Shopify from $120.00 to $176.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twenty-two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $152.76.

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.