Shopify Inc. $SHOP Shares Acquired by Atalanta Sosnoff Capital LLC

Key Points

• Atalanta Sosnoff Capital LLC increased its holdings in Shopify Inc. by 9.3%, owning 131,823 shares valued at $12.6 million following a purchase of 11,177 additional shares.
• Shopify's recent quarterly earnings showed 31.1% year-over-year revenue growth, reporting $0.35 EPS which exceeded analysts' expectations of $0.29.
• Wall Street analysts maintain a generally positive outlook on Shopify, with an average target price of $150.27 and a consensus rating of "Moderate Buy".

Atalanta Sosnoff Capital LLC grew its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 9.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 131,823 shares of the software maker's stock after purchasing an additional 11,177 shares during the quarter. Atalanta Sosnoff Capital LLC's holdings in Shopify were worth $12,586,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of SHOP. Fourth Dimension Wealth LLC acquired a new stake in Shopify during the fourth quarter worth about $30,000. Smithfield Trust Co raised its stake in Shopify by 149.2% during the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock worth $30,000 after acquiring an additional 188 shares during the period. Dagco Inc. acquired a new stake in Shopify during the first quarter worth about $30,000. Cary Street Partners Investment Advisory LLC raised its stake 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 acquiring an additional 165 shares during the period. Finally, Accent Capital Management LLC acquired a new stake in Shopify during the first quarter worth about $46,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Price Performance

Shares of Shopify stock traded up $1.67 on Friday, hitting $146.82. The company had a trading volume of 5,726,597 shares, compared to its average volume of 10,059,485. The business has a 50-day simple moving average of $130.92 and a 200-day simple moving average of $111.05. The company has a market cap of $190.82 billion, a PE ratio of 94.72, a PEG ratio of 4.82 and a beta of 2.69. Shopify Inc. has a 52 week low of $65.86 and a 52 week high of $156.85.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.06. The business had revenue of $2.68 billion during the quarter, compared to analysts' expectations of $2.55 billion. Shopify had a net margin of 22.74% and a return on equity of 12.00%. The business's revenue was up 31.1% on a year-over-year basis. During the same period last year, the firm posted $0.26 earnings per share. On average, equities research analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on SHOP shares. Phillip Securities lowered shares of Shopify from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, August 12th. Wedbush increased their price objective on shares of Shopify from $115.00 to $160.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Needham & Company LLC assumed coverage on shares of Shopify in a research note on Monday, July 14th. They set a "buy" rating and a $135.00 price objective on the stock. Canaccord Genuity Group upped their target price on shares of Shopify from $115.00 to $165.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Finally, Wells Fargo & Company upped their target price on shares of Shopify from $107.00 to $125.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. Twenty-four investment analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average 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.