9,000 Shares in Shopify Inc. (NYSE:SHOP) Acquired by Corient IA LLC

Key Points

• Corient IA LLC has acquired 9,000 shares of Shopify Inc. (NYSE:SHOP), valued at approximately $859,000, making it the firm's 28th largest holding.
• Shopify reported $2.68 billion in revenue for the last quarter, exceeding analyst estimates of $2.55 billion and achieving an EPS of $0.35, surpassing the expected $0.29.
• The consensus rating for Shopify is "Moderate Buy," with a target price of $148.51, as reflected by a mix of recent analyst upgrades and downgrades.

Corient IA LLC bought a new stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 9,000 shares of the software maker's stock, valued at approximately $859,000. Shopify comprises approximately 0.6% of Corient IA LLC's portfolio, making the stock its 28th largest holding.

Other institutional investors also recently bought and sold shares of the company. Fourth Dimension Wealth LLC acquired a new position in Shopify during the 4th quarter valued at about $30,000. Smithfield Trust Co boosted its holdings in Shopify by 149.2% in the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock worth $30,000 after acquiring an additional 188 shares in the last quarter. Dagco Inc. purchased a new stake in shares of Shopify during the first quarter worth about $30,000. Cary Street Partners Investment Advisory LLC increased its holdings in shares of Shopify by 86.8% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock valued at $34,000 after acquiring an additional 165 shares in the last quarter. Finally, Accent Capital Management LLC acquired a new position in shares of Shopify during the first quarter valued at about $46,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Price Performance

Shares of SHOP opened at $141.47 on Friday. The business's 50-day moving average is $121.52 and its 200-day moving average is $109.09. The company has a market capitalization of $183.54 billion, a price-to-earnings ratio of 91.27, a P/E/G ratio of 4.82 and a beta of 2.63. Shopify Inc. has a fifty-two week low of $65.86 and a fifty-two week high of $156.85.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.06. Shopify had a return on equity of 12.00% and a net margin of 22.74%. The business had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same period last year, the company earned $0.26 earnings per share. Shopify's quarterly revenue was up 31.1% compared to the same quarter last year. Equities research analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have weighed in on SHOP shares. Phillip Securities downgraded shares of Shopify from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, August 12th. JMP Securities lifted their price objective on shares of Shopify from $135.00 to $185.00 and gave the stock a "market outperform" rating in a research note on Thursday, August 7th. Benchmark reissued a "buy" rating and set a $140.00 price objective (up from $125.00) on shares of Shopify in a report on Tuesday, August 5th. JPMorgan Chase & Co. raised their target price on Shopify from $115.00 to $179.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Finally, Wedbush lifted their price target on Shopify from $115.00 to $160.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $148.51.

Shopify 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.

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