Index Fund Advisors Inc. Invests $626,000 in Shopify Inc. $SHOP

Index Fund Advisors Inc. bought a new position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 5,423 shares of the software maker’s stock, valued at approximately $626,000.

Several other hedge funds have also modified their holdings of SHOP. Nuveen LLC purchased a new stake in shares of Shopify during the 1st quarter worth about $667,392,000. Jennison Associates LLC lifted its stake in Shopify by 324.3% in the 1st quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker’s stock valued at $504,209,000 after buying an additional 4,036,326 shares in the last quarter. Canada Pension Plan Investment Board lifted its stake in Shopify by 34.4% in 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 in the last quarter. Mackenzie Financial Corp lifted its stake in Shopify by 19.7% in 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 in the last quarter. Finally, Alliancebernstein L.P. lifted its stake in Shopify by 24.6% in the 1st quarter. Alliancebernstein L.P. now owns 5,554,420 shares of the software maker’s stock valued at $530,336,000 after buying an additional 1,094,840 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SHOP. Barclays raised their price target on shares of Shopify from $94.00 to $120.00 and gave the company an “equal weight” rating in a research note on Thursday, August 7th. JMP Securities raised their price target on shares of Shopify from $135.00 to $185.00 and gave the company a “market outperform” rating in a research note on Thursday, August 7th. Citigroup raised their price target on shares of Shopify from $155.00 to $195.00 and gave the company a “buy” rating in a research note on Friday, August 8th. BMO Capital Markets raised their price target on shares of Shopify from $120.00 to $180.00 and gave the company an “outperform” rating in a research note on Thursday, August 7th. Finally, Truist Financial raised their price target on shares of Shopify from $95.00 to $150.00 and gave the company a “hold” rating in a research note on Thursday, August 7th. Twenty-two research analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Shopify currently has a consensus rating of “Hold” and a consensus price target of $151.95.

Shopify Trading Down 7.8%

SHOP stock opened at $151.02 on Monday. The company has a market cap of $196.27 billion, a price-to-earnings ratio of 84.37, a PEG ratio of 7.07 and a beta of 2.72. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $169.69. The firm has a 50-day moving average of $146.61 and a two-hundred day moving average of $119.28.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. The company 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%. Shopify’s quarterly revenue was up 31.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.26 EPS. As a group, equities analysts forecast that Shopify Inc. will post 1.12 earnings per share 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.