Plato Investment Management Ltd Has $2.45 Million Stock Holdings in Shopify Inc. $SHOP

Plato Investment Management Ltd trimmed its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 48.4% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 21,386 shares of the software maker’s stock after selling 20,089 shares during the period. Plato Investment Management Ltd’s holdings in Shopify were worth $2,453,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Saxony Capital Management LLC lifted its position in shares of Shopify by 11.7% during the 2nd quarter. Saxony Capital Management LLC now owns 3,412 shares of the software maker’s stock valued at $394,000 after acquiring an additional 357 shares during the period. NWK Group Inc. bought a new stake in shares of Shopify during the 2nd quarter valued at $6,260,000. AlphaStar Capital Management LLC bought a new stake in shares of Shopify during the 2nd quarter valued at $1,088,000. Creekmur Asset Management LLC lifted its position in shares of Shopify by 19.1% during the 2nd quarter. Creekmur Asset Management LLC now owns 18,741 shares of the software maker’s stock valued at $2,162,000 after acquiring an additional 3,005 shares during the period. Finally, Kovack Advisors Inc. lifted its position in shares of Shopify by 81.5% during the 2nd quarter. Kovack Advisors Inc. now owns 9,550 shares of the software maker’s stock valued at $1,102,000 after acquiring an additional 4,287 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. KeyCorp upped their target price on Shopify from $175.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday. Canaccord Genuity Group upped their target price on Shopify from $115.00 to $165.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Citigroup upped their price objective on Shopify from $155.00 to $195.00 and gave the stock a “buy” rating in a research report on Friday, August 8th. Wedbush upped their price objective on Shopify from $115.00 to $160.00 and gave the stock an “outperform” rating in a research report on Thursday, August 7th. Finally, National Bankshares upped their price objective on Shopify from $180.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, October 23rd. 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 issued a Sell rating to the company. According to MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and an average price target of $155.35.

Shopify Trading Up 0.1%

Shares of SHOP stock opened at $173.86 on Friday. The stock has a market cap of $225.96 billion, a price-to-earnings ratio of 97.13, a PEG ratio of 8.14 and a beta of 2.72. The stock has a 50-day moving average of $153.57 and a 200-day moving average of $127.57. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued 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 company 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 business’s quarterly revenue was up 31.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.26 earnings per share. Sell-side analysts forecast 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.