9,555 Shares in Shopify Inc. $SHOP Bought by First Manhattan CO. LLC.

Key Points

• First Manhattan CO. LLC. has acquired a new position in Shopify Inc. with 9,555 shares valued at approximately $912,000 in the first quarter.
• Shopify's quarterly earnings reported $0.35 earnings per share, exceeding analysts' expectations, and showed a 31.1% increase in year-over-year revenue.
• Several research firms have recently increased their price targets for Shopify, with TD Securities raising it from $145.00 to $170.00 and DA Davidson giving a target of $185.00.

First Manhattan CO. LLC. acquired a new position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 9,555 shares of the software maker's stock, valued at approximately $912,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. grew its position in Shopify by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker's stock worth $4,563,106,000 after acquiring an additional 882,168 shares during the last quarter. Mackenzie Financial Corp grew its position in shares of Shopify by 19.7% in the 1st quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock valued at $822,745,000 after buying an additional 1,426,406 shares during the last quarter. Nuveen LLC bought a new stake in shares of Shopify in the 1st quarter valued at about $667,392,000. Canada Pension Plan Investment Board grew its position in shares of Shopify by 34.4% in 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 during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in shares of Shopify by 21.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker's stock valued at $539,382,000 after buying an additional 979,598 shares during the last quarter. Institutional investors own 69.27% of the company's stock.

Shopify Stock Performance

SHOP stock opened at $140.22 on Thursday. The stock's 50 day simple moving average is $129.61 and its 200 day simple moving average is $110.93. Shopify Inc. has a fifty-two week low of $65.86 and a fifty-two week high of $156.85. The company has a market cap of $182.24 billion, a P/E ratio of 90.47, a price-to-earnings-growth ratio of 4.82 and a beta of 2.69.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $2.55 billion. During the same period in the prior year, the business earned $0.26 EPS. The firm's revenue for the quarter was up 31.1% on a year-over-year basis. Equities analysts predict that Shopify Inc. will post 1.12 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have commented on SHOP. TD Securities upped their price target on Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Scotiabank reiterated a "sector perform" rating and issued a $150.00 price target (up previously from $115.00) on shares of Shopify in a research report on Thursday, August 7th. DA Davidson upped their price target on Shopify from $125.00 to $185.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Barclays upped their price target on Shopify from $94.00 to $120.00 and gave the company an "equal weight" rating in a research report on Thursday, August 7th. Finally, CIBC upped their price target on Shopify from $145.00 to $185.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Twenty-four investment analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Shopify presently has a consensus rating of "Moderate Buy" and an average target price of $150.27.

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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