AMF Tjanstepension AB Has $72.27 Million Position in Shopify Inc. $SHOP

Key Points

• AMF Tjanstepension AB increased its stake in Shopify Inc. by 34.7%, owning $72.27 million worth of shares, totaling 626,550 after acquiring 161,474 shares in Q2.
• Shopify's earnings report surpassed expectations with an EPS of $0.35 and revenue of $2.68 billion, reflecting a 31.1% year-over-year increase.
• Institutional investors now own 69.27% of Shopify's stock, with multiple hedge funds increasing their positions significantly in the first quarter of the year.

AMF Tjanstepension AB lifted its holdings in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 34.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 626,550 shares of the software maker's stock after buying an additional 161,474 shares during the period. AMF Tjanstepension AB's holdings in Shopify were worth $72,273,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Nuveen LLC bought a new position in shares of Shopify in the first quarter valued at $667,392,000. Jennison Associates LLC lifted its stake in Shopify by 324.3% in the first quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker's stock valued at $504,209,000 after acquiring an additional 4,036,326 shares during the last quarter. Canada Pension Plan Investment Board grew its position in shares of Shopify by 34.4% in the 1st quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker's stock valued at $565,504,000 after acquiring an additional 1,522,573 shares during the period. Mackenzie Financial Corp grew its position in shares of Shopify by 19.7% in the 1st quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock valued at $822,745,000 after acquiring an additional 1,426,406 shares during the period. Finally, Alliancebernstein L.P. increased its stake in shares of Shopify by 24.6% during the 1st quarter. Alliancebernstein L.P. now owns 5,554,420 shares of the software maker's stock worth $530,336,000 after purchasing an additional 1,094,840 shares during the last quarter. Institutional investors own 69.27% of the company's stock.

Shopify Stock Performance

SHOP opened at $161.14 on Friday. The stock has a fifty day moving average of $142.78 and a 200-day moving average of $117.13. The company has a market capitalization of $209.43 billion, a P/E ratio of 90.02, a P/E/G ratio of 7.17 and a beta of 2.72. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $162.60.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last released its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The business had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. During the same period last year, the firm earned $0.26 earnings per share. Shopify's revenue for the quarter was up 31.1% compared to the same quarter last year. On average, equities research analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently issued reports on SHOP. CIBC raised their target price 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. Royal Bank Of Canada upped their price objective on Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Cantor Fitzgerald set a $156.00 price objective on Shopify and gave the company a "neutral" rating in a research report on Wednesday, August 27th. Loop Capital lowered Shopify from a "buy" rating to a "hold" rating and set a $120.00 target price on the stock. in a report on Tuesday, July 22nd. Finally, KeyCorp restated an "overweight" rating and issued a $175.00 price target (up previously from $145.00) on shares of Shopify in a research note on Thursday, August 7th. Twenty-two analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $150.59.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.