Ameriprise Financial Inc. Decreases Position in Shopify Inc. $SHOP

Key Points

• Ameriprise Financial Inc. reduced its stake in Shopify Inc. by 1.9%, owning approximately 2.8 million shares valued at $269.9 million as of the end of Q1.
• Several institutional investors have recently increased or initiated positions in Shopify, contributing to overall institutional ownership of 69.27%.
• Analysts are optimistic about Shopify’s performance, with multiple firms raising their price targets and a consensus rating of Moderate Buy, projecting an average target price of $148.51.

Ameriprise Financial Inc. decreased its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 1.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,815,042 shares of the software maker's stock after selling 54,467 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.22% of Shopify worth $269,926,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in SHOP. Fourth Dimension Wealth LLC purchased a new stake in Shopify during the fourth quarter worth approximately $30,000. Smithfield Trust Co lifted its stake in 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 purchasing an additional 188 shares during the last quarter. Dagco Inc. purchased a new stake in Shopify during the first quarter worth approximately $30,000. Cary Street Partners Investment Advisory LLC lifted its stake 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 buying an additional 165 shares during the last quarter. Finally, Accent Capital Management LLC purchased a new stake in Shopify in the first quarter valued at approximately $46,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on SHOP shares. National Bankshares boosted their price objective on Shopify from $140.00 to $180.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. DA Davidson boosted their price objective on Shopify from $125.00 to $185.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Benchmark reiterated a "buy" rating and issued a $140.00 price objective (up previously from $125.00) on shares of Shopify in a research note on Tuesday, August 5th. Truist Financial boosted their price objective on Shopify from $95.00 to $150.00 and gave the company a "hold" rating in a research note on Thursday, August 7th. Finally, BMO Capital Markets boosted their price objective on Shopify from $120.00 to $180.00 and gave the company an "outperform" rating in a research note 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 assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $148.51.

Shopify Trading Up 4.0%

NYSE:SHOP opened at $142.11 on Friday. The firm has a market cap of $184.69 billion, a P/E ratio of 91.68, a PEG ratio of 4.82 and a beta of 2.63. The stock's 50 day simple moving average is $124.55 and its 200-day simple moving average is $109.92. Shopify Inc. has a 12-month low of $65.86 and a 12-month high of $156.85.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released its 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. The business had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. Shopify had a return on equity of 12.00% and a net margin of 22.74%.The company's revenue for the quarter was up 31.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.26 earnings per share. Research analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

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.

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