Advisors Asset Management Inc. Has $34.86 Million Stake in Shopify Inc. $SHOP

Key Points

• Advisors Asset Management Inc. increased its stake in Shopify by 2.1% in Q1, now holding 365,070 shares valued at approximately $34.86 million, making it the firm's 15th largest holding.
• Wall Street analysts forecast positive growth for Shopify, with multiple firms raising their price targets; CIBC and DA Davidson both increased their targets to $185.00, reflecting strong confidence in the stock.
• Shopify reported strong Q2 earnings, exceeding expectations with $0.35 EPS against an estimate of $0.29 and a revenue of $2.68 billion, marking a 31.1% increase year-over-year.

Advisors Asset Management Inc. increased its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 2.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 365,070 shares of the software maker's stock after acquiring an additional 7,533 shares during the period. Shopify comprises about 0.7% of Advisors Asset Management Inc.'s portfolio, making the stock its 15th largest position. Advisors Asset Management Inc.'s holdings in Shopify were worth $34,857,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Mather Group LLC. grew its position in Shopify by 127.4% in the first quarter. Mather Group LLC. now owns 912 shares of the software maker's stock valued at $87,000 after purchasing an additional 511 shares in the last quarter. Dynamic Advisor Solutions LLC bought a new position in Shopify in the first quarter valued at $382,000. GAMMA Investing LLC grew its position in Shopify by 80.0% in the first quarter. GAMMA Investing LLC now owns 963 shares of the software maker's stock valued at $92,000 after purchasing an additional 428 shares in the last quarter. Bessemer Group Inc. grew its position in Shopify by 3.8% in the first quarter. Bessemer Group Inc. now owns 1,059,585 shares of the software maker's stock valued at $101,163,000 after purchasing an additional 38,616 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its position in Shopify by 1.1% in the first quarter. Assenagon Asset Management S.A. now owns 38,732 shares of the software maker's stock valued at $3,694,000 after purchasing an additional 432 shares in the last quarter. Institutional investors own 69.27% of the company's stock.

Shopify Stock Performance

Shares of SHOP stock traded up $1.67 during midday trading on Friday, hitting $146.82. 5,726,597 shares of the company were exchanged, compared to its average volume of 10,059,485. The firm has a market capitalization of $190.82 billion, a P/E ratio of 94.72, a PEG ratio of 4.82 and a beta of 2.69. The firm's 50 day moving average price is $130.92 and its two-hundred day moving average price is $111.05. Shopify Inc. has a 52 week low of $65.86 and a 52 week high of $156.85.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. JMP Securities raised their target price on shares of Shopify from $135.00 to $185.00 and gave the company a "market outperform" rating in a research report on Thursday, August 7th. KeyCorp reissued an "overweight" rating and issued a $175.00 price objective (up previously from $145.00) on shares of Shopify in a research report on Thursday, August 7th. CIBC lifted their price objective on shares of Shopify from $145.00 to $185.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Bank of America lifted their price objective on shares of Shopify from $110.00 to $185.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Shopify from $115.00 to $179.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Twenty-four analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Shopify has an average rating of "Moderate Buy" and a consensus 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.