14,899 Shares in Shopify Inc. $SHOP Acquired by 111 Capital

Key Points

• 111 Capital acquired 14,899 shares of Shopify Inc., valued at approximately $1,719,000, during the 2nd quarter.
• Several institutional investors, including GAMMA Investing LLC, have significantly increased their holdings in Shopify, reflecting a growing confidence in the company.
• Shopify's stock price has been upgraded by notable analysts, with target prices being raised significantly, indicating a favorable outlook among equity analysts.

111 Capital acquired a new stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 14,899 shares of the software maker's stock, valued at approximately $1,719,000.

A number of other large investors have also modified their holdings of the business. Brighton Jones LLC boosted its position in Shopify by 2.8% during the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock worth $2,252,000 after acquiring an additional 584 shares during the last quarter. Two Sigma Advisers LP acquired a new position in shares of Shopify during the 4th quarter worth approximately $314,000. GAMMA Investing LLC boosted its holdings in shares of Shopify by 17,086.4% during the 1st quarter. GAMMA Investing LLC now owns 91,947 shares of the software maker's stock worth $8,779,000 after purchasing an additional 91,412 shares during the last quarter. Merit Financial Group LLC grew its position in shares of Shopify by 6.8% in the first quarter. Merit Financial Group LLC now owns 20,034 shares of the software maker's stock valued at $1,913,000 after purchasing an additional 1,273 shares in the last quarter. Finally, Fulton Bank N.A. increased its holdings in shares of Shopify by 9.5% in the first quarter. Fulton Bank N.A. now owns 2,946 shares of the software maker's stock valued at $281,000 after purchasing an additional 256 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Arete reissued a "neutral" rating on shares of Shopify in a research note on Wednesday, July 23rd. Bank of America upped their price objective on shares of Shopify from $110.00 to $185.00 and gave the company a "buy" rating in a report on Thursday, August 7th. JPMorgan Chase & Co. lifted their target price on shares of Shopify from $115.00 to $179.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Canaccord Genuity Group boosted their target price on shares of Shopify from $115.00 to $165.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Finally, CIBC raised their price target on shares of Shopify from $145.00 to $185.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Twenty-two research analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $150.59.

Shopify Stock Up 6.5%

Shares of NASDAQ SHOP opened at $161.14 on Friday. The business's 50 day moving average is $142.78 and its two-hundred day moving average is $117.13. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $162.60. The firm has a market cap of $209.43 billion, a price-to-earnings ratio of 90.02, a PEG ratio of 7.17 and a beta of 2.72.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last released its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping the consensus estimate of $0.29 by $0.06. The business had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The company's quarterly revenue was up 31.1% on a year-over-year basis. During the same period last year, the business posted $0.26 earnings per share. Analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal 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.

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