Algert Global LLC Purchases Shares of 2,631 Shopify Inc. $SHOP

Key Points

• Algert Global LLC has acquired a new stake in Shopify Inc. valued at approximately $251,000, purchasing 2,631 shares during the first quarter.
• The stock currently boasts a market cap of $182.64 billion and has an average rating of "Moderate Buy" from analysts, with a consensus target price of $148.51.
• Shopify recently reported earnings of $0.35 per share, exceeding analysts' expectations, alongside a revenue of $2.68 billion for the quarter, marking a 31.1% year-over-year increase.

Algert Global LLC acquired a new stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 2,631 shares of the software maker's stock, valued at approximately $251,000.

A number of other large investors have also made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Shopify by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker's stock valued at $4,563,106,000 after buying an additional 882,168 shares in the last quarter. Mackenzie Financial Corp increased its holdings in Shopify by 19.7% during the 1st quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock worth $822,745,000 after purchasing an additional 1,426,406 shares in the last quarter. Nuveen LLC bought a new position in Shopify during the 1st quarter worth about $667,392,000. Massachusetts Financial Services Co. MA increased its holdings in Shopify by 21.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker's stock worth $539,382,000 after purchasing an additional 979,598 shares in the last quarter. Finally, Jennison Associates LLC increased its holdings in Shopify by 324.3% during the 1st quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker's stock worth $504,209,000 after purchasing an additional 4,036,326 shares in the last quarter. Institutional investors own 69.27% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on SHOP. Mizuho increased their target price on Shopify from $85.00 to $150.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. BNP Paribas cut Shopify from a "strong-buy" rating to a "hold" rating in a report on Monday, May 5th. Barclays increased their target price on Shopify from $94.00 to $120.00 and gave the stock an "equal weight" rating in a report on Thursday, August 7th. CIBC increased their target price on Shopify from $145.00 to $185.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Finally, Citigroup increased their target price on Shopify from $155.00 to $195.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Twenty-four analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $150.27.

Shopify Stock Performance

NYSE:SHOP traded up $1.65 during mid-day trading on Thursday, hitting $141.54. The stock had a trading volume of 6,322,015 shares, compared to its average volume of 10,210,580. Shopify Inc. has a twelve month low of $65.86 and a twelve month high of $156.85. The stock has a market cap of $183.95 billion, a price-to-earnings ratio of 91.32, a PEG ratio of 4.82 and a beta of 2.63. The company's 50 day simple moving average is $127.27 and its 200 day simple moving average is $110.50.

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

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.