13,778 Shares in Shopify Inc. $SHOP Acquired by Nordea Investment Management AB

Key Points

• Nordea Investment Management AB acquired 13,778 shares of Shopify Inc. valued at approximately $1.59 million during Q2, reflecting growing interest from institutional investors.
• Shopify reported Q2 earnings of $0.35 per share, exceeding analysts' expectations and achieving a revenue of $2.68 billion, a 31.1% increase year-over-year.
• Analysts have set a consensus target price of $152.76 for Shopify shares, with a mix of ratings indicating a strong interest in the stock.

Nordea Investment Management AB purchased a new position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 13,778 shares of the software maker's stock, valued at approximately $1,594,000.

Other hedge funds also recently made changes to their positions in the company. Family Legacy Financial Solutions LLC acquired a new stake in shares of Shopify during the 2nd quarter worth $25,000. Coastline Trust Co acquired a new position in Shopify in the second quarter valued at $29,000. Smithfield Trust Co grew its position in Shopify by 149.2% during the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after acquiring an additional 188 shares during the period. Dagco Inc. acquired a new stake in Shopify during the first quarter worth about $30,000. Finally, Global Wealth Strategies & Associates raised its holdings in shares of Shopify by 182.8% in the 2nd quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker's stock worth $30,000 after purchasing an additional 170 shares during the period. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Trading Down 0.4%

SHOP opened at $162.01 on Thursday. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $169.69. The firm has a market cap of $210.56 billion, a price-to-earnings ratio of 90.51, a PEG ratio of 7.61 and a beta of 2.72. The company has a fifty day simple moving average of $148.84 and a 200 day simple moving average of $122.57.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings data 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. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The company had revenue of $2.68 billion during the quarter, compared to analysts' expectations of $2.55 billion. During the same period in the prior year, the company posted $0.26 EPS. The firm's revenue for the quarter was up 31.1% on a year-over-year basis. On average, analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SHOP has been the subject of a number of research reports. Zacks Research upgraded Shopify from a "hold" rating to a "strong-buy" rating in a report on Tuesday, October 14th. Phillip Securities downgraded shares of Shopify from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, August 12th. Oppenheimer reissued an "outperform" rating and issued a $149.00 price objective on shares of Shopify in a research report on Tuesday, September 30th. Stifel Nicolaus lifted their target price on shares of Shopify from $110.00 to $150.00 and gave the company a "hold" rating in a report on Thursday, August 7th. Finally, Needham & Company LLC started coverage on shares of Shopify in a research report on Monday, July 14th. They set a "buy" rating and a $135.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twenty-two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $152.76.

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.

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