Atria Investments Inc Boosts Stake in Shopify Inc. $SHOP

Atria Investments Inc increased its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 7.5% in the second quarter, HoldingsChannel reports. The firm owned 190,823 shares of the software maker’s stock after purchasing an additional 13,303 shares during the quarter. Atria Investments Inc’s holdings in Shopify were worth $22,011,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SHOP. Nuveen LLC bought a new stake in shares of Shopify during the 1st quarter valued at $667,392,000. Jennison Associates LLC lifted its position in Shopify by 118.1% during the 2nd quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker’s stock valued at $1,328,787,000 after acquiring an additional 6,238,829 shares during the period. Canada Pension Plan Investment Board lifted its position in 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 period. Mackenzie Financial Corp boosted its stake in Shopify by 19.7% during the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker’s stock worth $822,745,000 after acquiring an additional 1,426,406 shares in the last quarter. Finally, Alliancebernstein L.P. grew its holdings in Shopify by 24.6% in the first quarter. Alliancebernstein L.P. now owns 5,554,420 shares of the software maker’s stock worth $530,336,000 after purchasing an additional 1,094,840 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on SHOP shares. ATB Capital lowered shares of Shopify to a “sector perform” rating in a report on Thursday, August 7th. JMP Securities raised their price objective on Shopify from $135.00 to $185.00 and gave the company a “market outperform” rating in a research report on Thursday, August 7th. Evercore ISI boosted their target price on Shopify from $120.00 to $170.00 and gave the stock an “outperform” rating in a report on Friday, August 8th. Barclays raised their price target on Shopify from $94.00 to $120.00 and gave the company an “equal weight” rating in a report on Thursday, August 7th. Finally, Wedbush upped their price target on shares of Shopify from $115.00 to $160.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. One 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 stock. Based on data from MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and a consensus price target of $154.68.

Shopify Trading Up 0.0%

Shares of SHOP stock opened at $179.01 on Thursday. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $182.19. The stock has a market capitalization of $232.65 billion, a P/E ratio of 100.01, a P/E/G ratio of 8.38 and a beta of 2.72. The firm’s 50 day moving average is $152.20 and its 200 day moving average is $126.31.

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 firm had revenue of $2.68 billion for 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 company’s revenue was up 31.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.26 EPS. As a group, equities analysts predict that Shopify Inc. will post 1.12 earnings per share for the current year.

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.