Anson Funds Management LP Takes $955,000 Position in Shopify Inc. $SHOP

Key Points

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Anson Funds Management LP purchased a new stake in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,000 shares of the software maker's stock, valued at approximately $955,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Shopify by 1.9% in the first quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker's stock valued at $4,563,106,000 after buying an additional 882,168 shares during the period. Mackenzie Financial Corp raised its position in shares of Shopify by 19.7% during 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 last quarter. Nuveen LLC bought a new stake in shares of Shopify during the 1st quarter valued at $667,392,000. Canada Pension Plan Investment Board lifted its stake 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 purchasing an additional 1,522,573 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of Shopify by 21.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker's stock worth $539,382,000 after purchasing an additional 979,598 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SHOP has been the subject of a number of analyst reports. JPMorgan Chase & Co. lifted their price objective on Shopify from $115.00 to $179.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Wedbush boosted their target price on Shopify from $115.00 to $160.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Benchmark reaffirmed a "buy" rating and issued a $140.00 price target (up from $125.00) on shares of Shopify in a research note on Tuesday, August 5th. JMP Securities increased their price target on shares of Shopify from $135.00 to $185.00 and gave the company a "market outperform" rating in a research report on Thursday, August 7th. Finally, DA Davidson lifted their price objective on shares of Shopify from $125.00 to $185.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Twenty-four analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $150.27.

Shopify Stock Down 0.9%

Shares of SHOP stock opened at $142.20 on Thursday. Shopify Inc. has a 12-month low of $68.10 and a 12-month high of $156.85. The firm has a fifty day moving average of $132.70 and a 200-day moving average of $111.62. The company has a market capitalization of $184.81 billion, a price-to-earnings ratio of 79.44, a P/E/G ratio of 6.80 and a beta of 2.69.

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