5,376 Shares in Shopify Inc. $SHOP Bought by Ascent Group LLC

Key Points

• Ascent Group LLC has made a significant investment of $513,000 to acquire 5,376 shares of Shopify Inc. during the first quarter.
• Analysts are optimistic about Shopify's performance, with multiple firms raising their price targets, including Goldman Sachs, which increased its target from $120 to $176 and rated the stock as a "buy."
• Shopify reported a 31.1% year-over-year revenue growth, generating $2.68 billion in revenue and surpassing analyst estimates for the quarter.

Ascent Group LLC purchased a new stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 5,376 shares of the software maker's stock, valued at approximately $513,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Shopify by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker's stock valued at $4,563,106,000 after acquiring an additional 882,168 shares during the period. Mackenzie Financial Corp increased its position in 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. Nuveen LLC acquired a new position in Shopify in the 1st quarter valued at about $667,392,000. Canada Pension Plan Investment Board increased its position in 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. Finally, Massachusetts Financial Services Co. MA increased its position in 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 valued at $539,382,000 after acquiring an additional 979,598 shares during the period. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Stock Performance

NASDAQ SHOP traded down $1.65 during mid-day trading on Friday, reaching $143.38. 4,910,276 shares of the stock were exchanged, compared to its average volume of 5,435,396. The stock has a market capitalization of $186.35 billion, a PE ratio of 80.10, a PEG ratio of 6.87 and a beta of 2.69. The business's fifty day simple moving average is $133.25 and its 200 day simple moving average is $111.82. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $156.85.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. The company had revenue of $2.68 billion for 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%. Shopify's revenue for the quarter was up 31.1% on a year-over-year basis. During the same quarter last year, the business earned $0.26 EPS. On average, analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

Analyst Ratings Changes

Several brokerages recently issued reports on SHOP. DA Davidson boosted their price target on Shopify from $125.00 to $185.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Canaccord Genuity Group raised their price objective on shares of Shopify from $115.00 to $165.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Atb Cap Markets downgraded shares of Shopify from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 6th. Scotiabank reaffirmed a "sector perform" rating and issued a $150.00 target price (up from $115.00) on shares of Shopify in a report on Thursday, August 7th. Finally, Wells Fargo & Company increased their target price on shares of Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Twenty-four research analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Shopify currently has a consensus rating of "Moderate Buy" and a consensus target price of $150.27.

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.