Legacy Advisory Services LLC Invests $522,000 in Shopify Inc. $SHOP

Key Points

• Legacy Advisory Services LLC acquired 5,463 shares of Shopify Inc., valued at approximately $522,000, making it the firm's 26th largest position.
• Shopify's recent earnings report exceeded expectations, with an EPS of $0.35 compared to a consensus estimate of $0.29, and revenue increased by 31.1% year-over-year.
• Analysts have a generally positive outlook on Shopify, with 24 ratings listed as "Buy" and a target price average of $150.27.

Legacy Advisory Services LLC purchased a new position in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 5,463 shares of the software maker's stock, valued at approximately $522,000. Shopify makes up approximately 0.4% of Legacy Advisory Services LLC's investment portfolio, making the stock its 26th biggest holding.

Other hedge funds have also bought and sold shares of the company. Nuveen LLC purchased a new stake in shares of Shopify during the 1st quarter valued at about $667,392,000. Jennison Associates LLC raised its position in shares of Shopify by 324.3% during the 1st quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker's stock valued at $504,209,000 after buying an additional 4,036,326 shares in the last quarter. Canada Pension Plan Investment Board raised its position in shares of Shopify by 34.4% during the 1st quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker's stock valued at $565,504,000 after buying an additional 1,522,573 shares in the last quarter. Mackenzie Financial Corp raised its position in Shopify by 19.7% in the 1st quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock worth $822,745,000 after purchasing an additional 1,426,406 shares during the period. Finally, Voloridge Investment Management LLC purchased a new stake in Shopify in the 4th quarter worth about $125,334,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Price Performance

NASDAQ SHOP traded up $2.83 on Thursday, hitting $145.03. The stock had a trading volume of 6,047,331 shares, compared to its average volume of 5,607,783. The business's fifty day moving average price is $133.25 and its 200 day moving average price is $111.82. Shopify Inc. has a 52-week low of $69.63 and a 52-week high of $156.85. The stock has a market cap of $188.49 billion, a price-to-earnings ratio of 81.02, a price-to-earnings-growth ratio of 6.74 and a beta of 2.69.

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

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. UBS Group increased their price objective on shares of Shopify from $110.00 to $145.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. CIBC increased their price objective on shares of Shopify from $145.00 to $185.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Benchmark reaffirmed a "buy" rating and set a $140.00 target price (up from $125.00) on shares of Shopify in a research report on Tuesday, August 5th. Oppenheimer raised their target price on shares of Shopify from $145.00 to $180.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Finally, Scotiabank reaffirmed a "sector perform" rating and set a $150.00 target price (up from $115.00) on shares of Shopify in a research report on Thursday, August 7th. Twenty-four research analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus 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.