Wellington Altus USA Inc. Raises Holdings in Shopify Inc. $SHOP

Wellington Altus USA Inc. lifted its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 977.6% during the second quarter, Holdings Channel reports. The institutional investor owned 7,953 shares of the software maker’s stock after purchasing an additional 7,215 shares during the quarter. Wellington Altus USA Inc.’s holdings in Shopify were worth $946,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new position in Shopify in the fourth quarter worth $2,611,797,000. Sands Capital Management LLC boosted its position in shares of Shopify by 37.0% during the 4th quarter. Sands Capital Management LLC now owns 9,506,036 shares of the software maker’s stock worth $1,530,187,000 after purchasing an additional 2,568,765 shares in the last quarter. Invesco Ltd. grew its stake in shares of Shopify by 9.8% during the 4th quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker’s stock worth $2,257,796,000 after purchasing an additional 1,252,074 shares during the period. Vaughan Nelson Investment Management L.P. acquired a new position in shares of Shopify during the 1st quarter worth $119,303,000. Finally, Swiss National Bank increased its holdings in shares of Shopify by 27.0% in the 1st quarter. Swiss National Bank now owns 4,115,300 shares of the software maker’s stock valued at $487,580,000 after purchasing an additional 876,100 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Price Performance

Shares of NASDAQ SHOP traded down $1.36 on Thursday, hitting $128.60. The company’s stock had a trading volume of 7,019,146 shares, compared to its average volume of 10,379,774. The stock has a 50 day moving average of $136.30 and a 200-day moving average of $123.39. The company has a market capitalization of $165.46 billion, a price-to-earnings ratio of 86.89, a price-to-earnings-growth ratio of 2.65 and a beta of 2.61. Shopify Inc. has a 12-month low of $94.00 and a 12-month high of $182.19. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.35 and a quick ratio of 5.35.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, August 5th. The software maker reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02. Shopify had a net margin of 14.53% and a return on equity of 12.58%. The business had revenue of $3.58 billion during the quarter. During the same period last year, the business earned $0.69 earnings per share. The company’s revenue for the quarter was up 33.7% on a year-over-year basis. As a group, research analysts predict that Shopify Inc. will post 1.45 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. The Goldman Sachs Group boosted their price objective on shares of Shopify from $170.00 to $194.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Truist Financial set a $180.00 target price on shares of Shopify and gave the company a “buy” rating in a report on Wednesday, August 5th. National Bank Financial reiterated an “outperform” rating and set a $180.00 price target (up from $155.00) on shares of Shopify in a research report on Wednesday, August 5th. BTIG Research assumed coverage on Shopify in a research note on Friday, July 10th. They set a “buy” rating on the stock. Finally, DA Davidson set a $200.00 price target on Shopify and gave the stock a “buy” rating in a report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and an average target price of $171.34.

About Shopify

Shopify Inc (NASDAQ:SHOP) is a commerce technology company that provides tools for businesses of various sizes to start, operate and grow retail operations. Its platform enables merchants to create and manage online stores, sell through social media and other digital channels, and support in-person sales through Shopify’s point-of-sale solutions.

Shopify’s products and services include online storefront and website-building tools, payment processing through Shopify Payments, point-of-sale hardware and software, inventory and order management, shipping and fulfillment tools, marketing features, analytics, and financing services for eligible merchants.