Anson Funds Management LP Makes New $955,000 Investment in Shopify Inc. $SHOP

Key Points

• Anson Funds Management LP has made a new investment of approximately $955,000 in Shopify Inc., acquiring 10,000 shares during the first quarter.
• Shopify has reported a 31.1% increase in revenue year-over-year, generating $2.68 billion in revenue for its latest quarter, alongside an earnings per share (EPS) of $0.35.
• Recent analyst reports have led to varied price target adjustments for Shopify, with estimates ranging from $110.00 to $185.00, reflecting strong interest and mixed opinions on the stock's performance.

Anson Funds Management LP bought a new position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 10,000 shares of the software maker's stock, valued at approximately $955,000.

Several other institutional investors also recently modified their holdings of SHOP. LRI Investments LLC increased its holdings in Shopify by 9.8% during the fourth quarter. LRI Investments LLC now owns 889 shares of the software maker's stock worth $94,000 after buying an additional 79 shares during the last quarter. Fullcircle Wealth LLC increased its holdings in Shopify by 2.7% in the 1st quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker's stock worth $418,000 after acquiring an additional 110 shares during the last quarter. Avidian Wealth Enterprises LLC raised its stake in Shopify by 3.4% in the 1st quarter. Avidian Wealth Enterprises LLC now owns 3,533 shares of the software maker's stock valued at $337,000 after acquiring an additional 116 shares during the period. SVB Wealth LLC raised its stake in Shopify by 2.2% in the 1st quarter. SVB Wealth LLC now owns 5,415 shares of the software maker's stock valued at $517,000 after acquiring an additional 119 shares during the period. Finally, Pinnacle Financial Partners Inc lifted its holdings in Shopify by 4.0% during the first quarter. Pinnacle Financial Partners Inc now owns 3,233 shares of the software maker's stock valued at $320,000 after purchasing an additional 125 shares during the last quarter. 69.27% of the stock is owned by institutional investors.

Shopify Trading Up 4.0%

SHOP opened at $142.11 on Friday. The stock has a fifty day simple moving average of $124.55 and a two-hundred day simple moving average of $109.83. The company has a market cap of $184.69 billion, a price-to-earnings ratio of 91.68, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. 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 issued 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 net margin of 22.74% and a return on equity of 12.00%. The company had revenue of $2.68 billion during the quarter, compared to analysts' expectations of $2.55 billion. During the same period last year, the company posted $0.26 EPS. Shopify's revenue was up 31.1% on a year-over-year basis. On average, analysts predict that Shopify Inc. will post 1.12 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on SHOP shares. Robert W. Baird boosted their price target on shares of Shopify from $110.00 to $120.00 and gave the company an "outperform" rating in a research report on Monday, July 14th. CIBC raised their target price on Shopify from $145.00 to $185.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Wedbush boosted 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. Jefferies Financial Group decreased their price objective on shares of Shopify from $130.00 to $110.00 and set a "hold" rating on the stock in a research report on Monday, May 5th. Finally, Mizuho raised their price target on Shopify from $85.00 to $150.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Twenty-four analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $148.51.

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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