Optas LLC Purchases New Stake in Shopify Inc. $SHOP

Optas LLC acquired a new stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the 2nd quarter, HoldingsChannel.com reports. The fund acquired 1,778 shares of the software maker’s stock, valued at approximately $205,000.

Several other institutional investors have also added to or reduced their stakes in the business. Clear Creek Financial Management LLC lifted its holdings in Shopify by 6.7% during the second quarter. Clear Creek Financial Management LLC now owns 6,467 shares of the software maker’s stock valued at $746,000 after purchasing an additional 407 shares during the last quarter. Virtus Wealth Solutions LLC purchased a new stake in Shopify during the second quarter valued at about $203,000. Gagnon Securities LLC lifted its holdings in Shopify by 4.7% during the second quarter. Gagnon Securities LLC now owns 5,708 shares of the software maker’s stock valued at $658,000 after purchasing an additional 255 shares during the last quarter. Pure Portfolios Holdings LLC lifted its holdings in Shopify by 26.5% during the second quarter. Pure Portfolios Holdings LLC now owns 2,658 shares of the software maker’s stock valued at $307,000 after purchasing an additional 556 shares during the last quarter. Finally, Mirova US LLC lifted its holdings in Shopify by 48.7% during the second quarter. Mirova US LLC now owns 3,024,755 shares of the software maker’s stock valued at $348,905,000 after purchasing an additional 990,596 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on SHOP shares. The Goldman Sachs Group upped their price objective on shares of Shopify from $120.00 to $176.00 and gave the company a “buy” rating in a report on Thursday, August 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Shopify in a report on Wednesday. Cantor Fitzgerald set a $156.00 price target on shares of Shopify and gave the stock a “neutral” rating in a report on Wednesday, August 27th. ATB Capital cut shares of Shopify to a “sector perform” rating in a research note on Thursday, August 7th. Finally, Atb Cap Markets lowered shares of Shopify from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 6th. Twenty-two equities research analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $151.95.

Shopify Price Performance

Shares of SHOP opened at $151.02 on Friday. The firm’s 50 day simple moving average is $146.61 and its 200 day simple moving average is $119.06. The company has a market capitalization of $196.27 billion, a P/E ratio of 84.37, a P/E/G ratio of 7.67 and a beta of 2.72. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $169.69.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. The business had revenue of $2.68 billion for 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 period last year, the firm posted $0.26 earnings per share. On average, equities analysts anticipate 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.