Asset Management One Co. Ltd. Increases Stock Holdings in Shopify Inc. $SHOP

Asset Management One Co. Ltd. lifted its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 2.5% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 101,901 shares of the software maker’s stock after buying an additional 2,517 shares during the quarter. Asset Management One Co. Ltd.’s holdings in Shopify were worth $11,754,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Shopify by 171.3% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker’s stock worth $48,827,000 after buying an additional 267,271 shares during the period. ARK Investment Management LLC raised its stake in shares of Shopify by 13.6% in the second quarter. ARK Investment Management LLC now owns 5,049,508 shares of the software maker’s stock worth $582,461,000 after buying an additional 605,283 shares during the period. Avior Wealth Management LLC raised its stake in shares of Shopify by 32.6% in the second quarter. Avior Wealth Management LLC now owns 13,609 shares of the software maker’s stock worth $1,570,000 after buying an additional 3,347 shares during the period. Worth Asset Management LLC bought a new position in shares of Shopify in the second quarter worth about $236,000. Finally, 111 Capital bought a new position in shares of Shopify in the second quarter worth about $1,719,000. Institutional investors own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on SHOP shares. JPMorgan Chase & Co. raised their price objective on Shopify from $115.00 to $179.00 and gave the stock an “overweight” rating in a research note on Thursday, August 7th. The Goldman Sachs Group increased their target price on Shopify from $120.00 to $176.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. BMO Capital Markets increased their target price on Shopify from $120.00 to $180.00 and gave the stock an “outperform” rating in a research report on Thursday, August 7th. Arete Research upgraded Shopify to a “hold” rating in a research report on Wednesday, July 23rd. Finally, Cantor Fitzgerald set a $156.00 target price on Shopify and gave the stock a “neutral” rating in a research report on Wednesday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, twenty-two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Shopify has an average rating of “Moderate Buy” and an average price target of $153.30.

Shopify Price Performance

NASDAQ SHOP opened at $172.95 on Monday. The stock has a market capitalization of $224.78 billion, a PE ratio of 96.62, a P/E/G ratio of 8.10 and a beta of 2.72. The business has a 50 day simple moving average of $149.93 and a two-hundred day simple moving average of $124.40. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $174.74.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.06. The business had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The firm’s revenue for the quarter was up 31.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.26 EPS. On average, analysts anticipate that Shopify Inc. will post 1.12 EPS 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.