Shopify Inc. $SHOP Holdings Raised by MIG Capital LLC

MIG Capital LLC increased its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 150.4% during the first quarter, Holdings Channel.com reports. The fund owned 7,838 shares of the software maker’s stock after acquiring an additional 4,708 shares during the quarter. MIG Capital LLC’s holdings in Shopify were worth $748,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. LRI Investments LLC increased its stake in Shopify by 9.8% in the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker’s stock worth $94,000 after purchasing an additional 79 shares in the last quarter. Fullcircle Wealth LLC increased its stake in Shopify by 2.7% in the 1st quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker’s stock worth $418,000 after purchasing an additional 110 shares in the last quarter. Avidian Wealth Enterprises LLC increased its stake in Shopify by 3.4% in the 1st quarter. Avidian Wealth Enterprises LLC now owns 3,533 shares of the software maker’s stock worth $337,000 after purchasing an additional 116 shares in the last quarter. Pinnacle Financial Partners Inc increased its stake in Shopify by 4.0% in the 1st quarter. Pinnacle Financial Partners Inc now owns 3,233 shares of the software maker’s stock worth $320,000 after purchasing an additional 125 shares in the last quarter. Finally, Accurate Wealth Management LLC increased its stake in Shopify by 4.0% in the 1st quarter. Accurate Wealth Management LLC now owns 3,408 shares of the software maker’s stock worth $325,000 after purchasing an additional 131 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. BNP Paribas Exane cut Shopify from an “outperform” rating to a “neutral” rating and set a $100.00 target price on the stock. in a research note on Monday, May 5th. Stifel Nicolaus lifted their target price on Shopify from $110.00 to $150.00 and gave the company a “hold” rating in a research note on Thursday, August 7th. KeyCorp reaffirmed an “overweight” rating and set a $175.00 target price (up previously from $145.00) on shares of Shopify in a research note on Thursday, August 7th. Royal Bank Of Canada lifted their target price on Shopify from $145.00 to $170.00 and gave the company an “outperform” rating in a research note on Thursday, August 7th. Finally, CIBC lifted their target price on Shopify from $145.00 to $185.00 and gave the company an “outperform” rating in a research note on Thursday, August 7th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $148.51.

Shopify Stock Performance

SHOP opened at $143.11 on Tuesday. Shopify Inc. has a twelve month low of $65.86 and a twelve month high of $156.85. The firm has a market cap of $185.67 billion, a P/E ratio of 92.33, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. The business has a 50 day moving average price of $122.22 and a 200 day moving average price of $109.20.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. Shopify had a return on equity of 12.00% and a net margin of 22.74%. The company had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same period in the previous year, the company earned $0.26 earnings per share. The company’s quarterly revenue was up 31.1% compared to the same quarter last year. As a group, analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

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.