Aigen Investment Management LP Grows Stock Position in Shopify Inc. (NYSE:SHOP)

Key Points

• Aigen Investment Management LP increased its stake in Shopify Inc. by 92.2% in the first quarter, holding 5,404 shares valued at $516,000.
• Shopify reported $0.35 earnings per share for the last quarter, exceeding expectations and showing a 31.1% revenue growth year-over-year.
• Several analysts upgraded their price targets for Shopify, with estimates ranging from $180 to $185, reflecting a generally positive outlook on the stock.

Aigen Investment Management LP raised its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 92.2% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 5,404 shares of the software maker's stock after buying an additional 2,593 shares during the period. Aigen Investment Management LP's holdings in Shopify were worth $516,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of SHOP. Fourth Dimension Wealth LLC purchased a new stake in shares of Shopify during the 4th quarter worth about $30,000. Smithfield Trust Co boosted its stake in shares of Shopify by 149.2% during the 1st 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. Cary Street Partners Investment Advisory LLC boosted its stake in shares of Shopify by 86.8% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock worth $34,000 after acquiring an additional 165 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Shopify during the 4th quarter worth about $46,000. Finally, Accent Capital Management LLC purchased a new stake in shares of Shopify during the 1st quarter worth about $46,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Stock Performance

Shopify stock opened at $149.30 on Wednesday. Shopify Inc. has a fifty-two week low of $65.86 and a fifty-two week high of $156.85. The firm has a 50 day moving average price of $119.20 and a 200 day moving average price of $108.43. The company has a market capitalization of $193.70 billion, a PE ratio of 96.32, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last posted its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.06. Shopify had a net margin of 22.74% and a return on equity of 12.00%. The firm had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. During the same quarter last year, the firm earned $0.26 EPS. The firm's revenue for the quarter was up 31.1% on a year-over-year basis. As a group, equities research analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on SHOP shares. National Bankshares increased their target price on shares of Shopify from $140.00 to $180.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. CIBC raised their price target on shares of Shopify from $145.00 to $185.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Bank of America raised their price target on shares of Shopify from $110.00 to $185.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. KeyCorp reaffirmed an "overweight" rating and issued a $175.00 price target (up from $145.00) on shares of Shopify in a research note on Thursday, August 7th. Finally, Jefferies Financial Group decreased their price target on shares of Shopify from $130.00 to $110.00 and set a "hold" rating on the stock in a research note on Monday, May 5th. One investment analyst has rated the stock with a sell rating, eighteen have issued a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $148.51.

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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