Ancora Advisors LLC Takes Position in Shopify Inc. $SHOP

Key Points

• Ancora Advisors acquired 12,757 Shopify shares during the second quarter, valued at approximately $1.46 million. Institutional investors collectively own 69.27% of the company.
• Analysts maintain a favorable outlook, with a consensus rating of “Moderate Buy” and an average price target of $170.84; recent targets range from $145 to $185.
• Shopify reported quarterly revenue of $3.58 billion, up 33.7% year over year, and earnings of $0.42 per share, exceeding estimates by $0.02.

Ancora Advisors LLC purchased a new position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 12,757 shares of the software maker's stock, valued at approximately $1,457,000.

A number of other institutional investors and hedge funds have also bought and sold shares of SHOP. Norges Bank bought a new stake in Shopify in the 4th quarter worth about $2,611,797,000. Sands Capital Management LLC increased its position in shares of Shopify by 37.0% during the 4th quarter. Sands Capital Management LLC now owns 9,506,036 shares of the software maker's stock valued at $1,530,187,000 after purchasing an additional 2,568,765 shares during the last quarter. Invesco Ltd. raised its stake in shares of Shopify by 9.8% during the 4th quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker's stock worth $2,257,796,000 after purchasing an additional 1,252,074 shares during the period. Thrivent Financial for Lutherans boosted its holdings in shares of Shopify by 7,207.2% in the 4th quarter. Thrivent Financial for Lutherans now owns 1,148,259 shares of the software maker's stock worth $184,883,000 after buying an additional 1,132,545 shares during the last quarter. Finally, Select Equity Group L.P. grew its position in Shopify by 92.5% during the second quarter. Select Equity Group L.P. now owns 2,246,473 shares of the software maker's stock valued at $259,124,000 after buying an additional 1,079,494 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have commented on SHOP shares. UBS Group reaffirmed a "neutral" rating and issued a $145.00 price objective (up from $130.00) on shares of Shopify in a research report on Thursday, August 6th. Oppenheimer reiterated an "outperform" rating and issued a $175.00 price objective on shares of Shopify in a research note on Wednesday, May 6th. Citizens Jmp raised their target price on Shopify from $150.00 to $185.00 and gave the stock a "market outperform" rating in a research report on Thursday, August 6th. Cantor Fitzgerald boosted their target price on Shopify from $127.00 to $145.00 and gave the company a "neutral" rating in a research note on Thursday, August 6th. Finally, Susquehanna assumed coverage on Shopify in a research report on Friday, July 10th. They set a "neutral" rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, thirty-five have given a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $170.84.

Shopify Trading Up 2.7%

Shares of SHOP stock opened at $154.33 on Friday. The company's fifty day simple moving average is $130.09 and its two-hundred day simple moving average is $121.55. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.35 and a quick ratio of 5.35. Shopify Inc. has a 1 year low of $94.00 and a 1 year high of $182.19. The stock has a market capitalization of $198.57 billion, a price-to-earnings ratio of 104.28, a PEG ratio of 3.07 and a beta of 2.58.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted its earnings results on Wednesday, August 5th. The software maker reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.02. Shopify had a return on equity of 12.58% and a net margin of 14.53%.The firm had revenue of $3.58 billion for the quarter. During the same quarter in the prior year, the company earned $0.69 EPS. The company's revenue was up 33.7% on a year-over-year basis. As a group, analysts anticipate that Shopify Inc. will post 1.45 earnings per share for the current year.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.

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