Acadian Asset Management LLC Purchases 112,589 Shares of Shopify Inc. $SHOP

Key Points

• Acadian Asset Management LLC significantly increased its holdings in Shopify Inc. by purchasing an additional 112,589 shares, raising its position by 198% in the first quarter.
• Shopify reported a quarterly earnings per share (EPS) of $0.35, exceeding analysts' expectations of $0.29, with revenue rising 31.1% year-over-year to $2.68 billion.
• Multiple analysts have raised their price targets for Shopify, with Royal Bank of Canada and National Bankshares setting targets of $170 and $180, respectively, while the consensus rating is a "Moderate Buy".

Acadian Asset Management LLC raised its position in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 198.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 169,463 shares of the software maker's stock after purchasing an additional 112,589 shares during the period. Acadian Asset Management LLC's holdings in Shopify were worth $16,169,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of SHOP. Fourth Dimension Wealth LLC bought a new stake in Shopify in the fourth quarter valued at approximately $30,000. Smithfield Trust Co lifted its stake in Shopify by 149.2% in the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after acquiring an additional 188 shares during the last quarter. Dagco Inc. acquired a new stake in Shopify in the first quarter valued at $30,000. Cary Street Partners Investment Advisory LLC lifted its stake in Shopify by 86.8% in 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 during the last quarter. Finally, Accent Capital Management LLC acquired a new stake in Shopify in the first quarter valued at $46,000. Institutional investors own 69.27% of the company's stock.

Shopify Stock Up 2.0%

Shares of NASDAQ:SHOP opened at $145.03 on Friday. The firm has a market capitalization of $188.49 billion, a PE ratio of 81.02, a P/E/G ratio of 6.74 and a beta of 2.69. Shopify Inc. has a twelve month low of $69.63 and a twelve month high of $156.85. The company has a 50-day moving average price of $133.25 and a two-hundred day moving average price of $111.82.

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

Wall Street Analyst Weigh In

SHOP has been the subject of a number of recent analyst reports. Royal Bank Of Canada increased their price target on shares of Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. National Bankshares increased their price target on shares of Shopify from $140.00 to $180.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Barclays raised their target price on shares of Shopify from $94.00 to $120.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 7th. BMO Capital Markets upped their price target on shares of Shopify from $120.00 to $180.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Finally, JPMorgan Chase & Co. upped their price target on shares of Shopify from $115.00 to $179.00 and gave the company an "overweight" rating in a research note 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 given a Sell rating to the company. According to MarketBeat, Shopify presently has a consensus rating of "Moderate Buy" and an average target price of $150.27.

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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