Night Squared LP Makes New $2.35 Million Investment in Shopify Inc. $SHOP

Key Points

• Night Squared LP acquired 24,590 shares of Shopify Inc. valued at approximately $2.35 million in the first quarter, contributing to the increased institutional ownership of the stock.
• Wall Street analysts have raised their price targets for Shopify, with forecasts now ranging from $125 to $180, reflecting a positive outlook on the company's performance.
• Shopify reported a 31.1% year-over-year revenue increase and beat EPS estimates for its latest quarter, showing strong financial performance with revenue reaching $2.68 billion.

Night Squared LP purchased a new stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 24,590 shares of the software maker's stock, valued at approximately $2,348,000.

A number of other large investors also recently bought and sold shares of SHOP. Fourth Dimension Wealth LLC acquired a new stake in shares of Shopify during the fourth quarter valued at about $30,000. Smithfield Trust Co boosted its position in shares of Shopify by 149.2% during the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock worth $30,000 after purchasing an additional 188 shares during the period. Dagco Inc. acquired a new stake in Shopify in the 1st quarter valued at approximately $30,000. Cary Street Partners Investment Advisory LLC increased its holdings in Shopify by 86.8% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock valued at $34,000 after purchasing an additional 165 shares during the last quarter. Finally, Accent Capital Management LLC purchased a new stake in Shopify in the first quarter valued at approximately $46,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Price Performance

Shares of SHOP traded down $2.24 during midday trading on Tuesday, reaching $139.04. The stock had a trading volume of 5,076,513 shares, compared to its average volume of 10,146,092. The company has a market cap of $180.70 billion, a price-to-earnings ratio of 89.70, a PEG ratio of 4.82 and a beta of 2.63. The company's fifty day simple moving average is $128.60 and its two-hundred day simple moving average is $110.52. Shopify Inc. has a 1-year low of $65.86 and a 1-year high of $156.85.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. Shopify had a net margin of 22.74% and a return on equity of 12.00%. The firm had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. During the same quarter in the previous year, the firm posted $0.26 earnings per share. The company's revenue was up 31.1% compared to the same quarter last year. On average, sell-side analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently commented on SHOP shares. Stifel Nicolaus raised their price target on Shopify from $110.00 to $150.00 and gave the stock a "hold" rating in a research report on Thursday, August 7th. Needham & Company LLC assumed coverage on Shopify in a report on Monday, July 14th. They set a "buy" rating and a $135.00 target price for the company. The Goldman Sachs Group lifted their target price on Shopify from $120.00 to $176.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Citigroup boosted their price target on shares of Shopify from $155.00 to $195.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Finally, Barclays raised their price objective on shares of Shopify from $94.00 to $120.00 and gave the company an "equal weight" rating in a research note on Thursday, August 7th. Twenty-four research analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Shopify currently has a consensus rating of "Moderate Buy" and an average target price of $150.27.

Shopify Company 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.