Alliancebernstein L.P. Grows Stock Holdings in Shopify Inc. $SHOP

Key Points

• AllianceBernstein L.P. increased its stake in Shopify Inc. by 24.6% in Q1, now owning over 5.5 million shares valued at approximately $530 million.
• Shopify reported earnings per share of $0.35, surpassing analysts' estimates, with a year-over-year revenue growth of 31.1% for Q1, totaling $2.68 billion.
• Analyst ratings for Shopify are predominantly positive, with a consensus rating of "Moderate Buy" and an average price target of $150.27.

Alliancebernstein L.P. grew its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 24.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,554,420 shares of the software maker's stock after purchasing an additional 1,094,840 shares during the quarter. Alliancebernstein L.P. owned approximately 0.43% of Shopify worth $530,336,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in SHOP. Fourth Dimension Wealth LLC purchased a new position in shares of Shopify during the fourth quarter worth about $30,000. Smithfield Trust Co grew its holdings in shares of Shopify by 149.2% during the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock worth $30,000 after buying an additional 188 shares during the last quarter. Dagco Inc. purchased a new position in shares of Shopify during the first quarter worth about $30,000. Cary Street Partners Investment Advisory LLC lifted its position 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 purchasing an additional 165 shares during the period. Finally, Accent Capital Management LLC acquired a new stake in Shopify in the first quarter valued at about $46,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Stifel Nicolaus raised their price objective on shares of Shopify from $110.00 to $150.00 and gave the company a "hold" rating in a research report on Thursday, August 7th. JPMorgan Chase & Co. raised 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. Barclays raised their price objective on shares of Shopify from $94.00 to $120.00 and gave the company an "equal weight" rating in a research report on Thursday, August 7th. Wedbush lifted their price target on shares of Shopify from $115.00 to $160.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Finally, Oppenheimer lifted their price target on shares of Shopify from $145.00 to $180.00 and gave the company an "outperform" rating in a research report 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 data from MarketBeat, Shopify presently has an average rating of "Moderate Buy" and a consensus target price of $150.27.

Shopify Stock Up 1.2%

Shares of Shopify stock traded up $1.67 during trading on Friday, hitting $146.82. 5,726,597 shares of the company were exchanged, compared to its average volume of 10,059,485. Shopify Inc. has a fifty-two week low of $65.86 and a fifty-two week high of $156.85. The stock has a market capitalization of $190.82 billion, a price-to-earnings ratio of 94.72, a P/E/G ratio of 4.82 and a beta of 2.69. The firm has a 50 day moving average price of $130.92 and a 200 day moving average price of $111.05.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.06. The firm had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a return on equity of 12.00% and a net margin of 22.74%.The company's quarterly revenue was up 31.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.26 EPS. Analysts predict 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.