Smith Anglin Financial LLC Takes $232,000 Position in Shopify Inc. $SHOP

Smith Anglin Financial LLC purchased 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 SEC. The fund purchased 2,007 shares of the software maker’s stock, valued at approximately $232,000.

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Shopify by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker’s stock valued at $4,563,106,000 after buying an additional 882,168 shares during the period. Mackenzie Financial Corp raised its position 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 buying an additional 1,426,406 shares during the period. Nuveen LLC purchased a new stake in shares of Shopify during the 1st quarter valued at approximately $667,392,000. Canada Pension Plan Investment Board raised its position 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 buying an additional 1,522,573 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its position in shares of Shopify by 21.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker’s stock valued at $539,382,000 after buying an additional 979,598 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on SHOP shares. KeyCorp reaffirmed an “overweight” rating and set a $175.00 price target (up previously from $145.00) on shares of Shopify in a research report on Thursday, August 7th. Citigroup boosted their target price on Shopify from $155.00 to $195.00 and gave the company a “buy” rating in a research report on Friday, August 8th. Stifel Nicolaus boosted their target price on Shopify from $110.00 to $150.00 and gave the company a “hold” rating in a research report on Thursday, August 7th. Zacks Research raised Shopify to a “hold” rating in a research report on Tuesday, August 12th. Finally, Cantor Fitzgerald set a $156.00 target price on Shopify and gave the company a “neutral” rating in a research report on Wednesday, August 27th. Twenty-three analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and an average target price of $151.69.

Shopify Stock Up 6.2%

NASDAQ:SHOP opened at $149.00 on Tuesday. The company has a fifty day simple moving average of $140.41 and a two-hundred day simple moving average of $115.83. The company has a market cap of $193.65 billion, a price-to-earnings ratio of 83.24, a price-to-earnings-growth ratio of 6.65 and a beta of 2.69. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $159.01.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly 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 net margin of 23.42% and a return on equity of 12.30%. The company’s quarterly revenue was up 31.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.26 earnings per share. On average, analysts expect that Shopify Inc. will post 1.12 EPS for the current 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.