Ardsley Advisory Partners LP Invests $3.88 Million in Shopify Inc. $SHOP

Key Points

• Ardsley Advisory Partners LP has acquired a new position in Shopify, purchasing 40,650 shares valued at approximately $3.88 million during the first quarter.
• Several other institutional investors have also recently increased their stakes in Shopify, with institutional ownership now at 69.27% of the company's stock.
• Shopify reported earnings of $0.35 per share in its latest quarter, exceeding estimates, with revenue rising 31.1% year-over-year.

Ardsley Advisory Partners LP purchased a new stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the 1st quarter, according to its most recent filing with the SEC. The fund purchased 40,650 shares of the software maker's stock, valued at approximately $3,881,000.

A number of other institutional investors and hedge funds have also made changes to their positions in SHOP. Fourth Dimension Wealth LLC acquired a new stake in Shopify in the 4th quarter valued at $30,000. Smithfield Trust Co increased its stake in shares of Shopify by 149.2% in the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after purchasing an additional 188 shares during the period. Dagco Inc. acquired a new position in shares of Shopify during the first quarter valued at approximately $30,000. Cary Street Partners Investment Advisory LLC boosted its holdings in Shopify by 86.8% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock worth $34,000 after buying an additional 165 shares in the last quarter. Finally, Accent Capital Management LLC acquired a new position in Shopify in the 1st quarter worth approximately $46,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SHOP. Barclays raised their price target on shares of Shopify from $94.00 to $120.00 and gave the company an "equal weight" rating in a report on Thursday, August 7th. Cantor Fitzgerald set a $156.00 target price on shares of Shopify and gave the company a "neutral" rating in a research report on Wednesday, August 27th. Stifel Nicolaus boosted their price target on shares of Shopify from $110.00 to $150.00 and gave the company a "hold" rating in a research report 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. Finally, Phillip Securities lowered shares of Shopify from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, August 12th. Twenty-four investment analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $150.27.

Shopify Stock Performance

NYSE:SHOP traded up $1.67 during trading hours on Friday, hitting $146.82. The stock had a trading volume of 5,726,597 shares, compared to its average volume of 10,059,485. Shopify Inc. has a one year low of $65.86 and a one year high of $156.85. The company has a market cap of $190.82 billion, a price-to-earnings ratio of 94.72, a P/E/G ratio of 4.82 and a beta of 2.69. The business's 50 day moving average is $130.92 and its 200-day moving average is $111.05.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $2.55 billion. During the same quarter in the prior year, the firm earned $0.26 earnings per share. The firm's revenue was up 31.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal year.

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.