American Century Companies Inc. Purchases 459,523 Shares of Shopify Inc. (NYSE:SHOP)

Key Points

• American Century Companies Inc. increased its stake in Shopify Inc. by 31.4%, acquiring an additional 459,523 shares, bringing its total ownership to approximately 1,923,082 shares valued at $183.35 million.
• Several institutional investors, including Mather Group LLC and GAMMA Investing LLC, also boosted their stakes in Shopify during the first quarter, reflecting growing interest in the company's stock.
• Shopify recently reported a 31.1% year-over-year revenue increase, posting $2.68 billion for the quarter, and beat analysts' earnings estimates with $0.35 EPS compared to the expected $0.29.

American Century Companies Inc. raised its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 31.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,923,082 shares of the software maker's stock after acquiring an additional 459,523 shares during the period. American Century Companies Inc. owned approximately 0.15% of Shopify worth $183,347,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Mather Group LLC. grew its stake in shares of Shopify by 127.4% in the 1st quarter. Mather Group LLC. now owns 912 shares of the software maker's stock worth $87,000 after buying an additional 511 shares in the last quarter. Dynamic Advisor Solutions LLC purchased a new stake in Shopify in the 1st quarter valued at about $382,000. GAMMA Investing LLC boosted its position in Shopify by 80.0% in the 1st quarter. GAMMA Investing LLC now owns 963 shares of the software maker's stock valued at $92,000 after buying an additional 428 shares during the period. Bessemer Group Inc. boosted its position in Shopify by 3.8% in the 1st quarter. Bessemer Group Inc. now owns 1,059,585 shares of the software maker's stock valued at $101,163,000 after buying an additional 38,616 shares during the period. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Shopify by 1.1% in the 1st 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. 69.27% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on SHOP. Wedbush boosted their price target on shares of Shopify from $115.00 to $160.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Capital One Financial upgraded shares of Shopify from an "equal weight" rating to an "overweight" rating in a research note on Thursday, May 8th. Arete reiterated a "neutral" rating on shares of Shopify in a research note on Wednesday, July 23rd. Wells Fargo & Company boosted their price objective on shares of Shopify from $107.00 to $125.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. Finally, Cantor Fitzgerald reiterated a "neutral" rating and set a $91.00 price objective on shares of Shopify in a research note on Wednesday, June 11th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $148.51.

Shopify Trading Down 1.9%

Shares of SHOP stock opened at $141.47 on Friday. 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 $183.54 billion, a P/E ratio of 91.27, a P/E/G ratio of 4.82 and a beta of 2.63. The stock has a 50 day moving average of $121.52 and a 200 day moving average of $109.14.

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

Shopify Company 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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