CenterBook Partners LP Purchases 11,094 Shares of Shopify Inc. $SHOP

Key Points

• CenterBook Partners opened a new Shopify position, purchasing 11,094 shares valued at approximately $1.645 million in the third quarter.
• Shopify reported quarterly EPS of $0.49, beating the $0.33 consensus estimate, while revenue rose 31.6% year over year to $3.74 billion.
• Analyst sentiment was broadly positive: MarketBeat reported a “Moderate Buy” consensus rating and an average price target of $178.82; institutional investors owned 69.27% of the stock.

CenterBook Partners LP purchased a new position in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 11,094 shares of the software maker's stock, valued at approximately $1,645,000.

Several other institutional investors also recently bought and sold shares of the stock. The Manufacturers Life Insurance Company grew its holdings in Shopify by 8.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 8,418,903 shares of the software maker's stock worth $998,137,000 after acquiring an additional 660,198 shares during the last quarter. Swiss National Bank boosted its position in shares of Shopify by 27.0% during the first quarter. Swiss National Bank now owns 4,115,300 shares of the software maker's stock valued at $487,580,000 after purchasing an additional 876,100 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Shopify by 4.8% during the 1st quarter. Bank of New York Mellon Corp now owns 3,495,964 shares of the software maker's stock valued at $414,691,000 after buying an additional 159,873 shares in the last quarter. Amova Asset Management Americas Inc. grew its holdings in Shopify by 5.0% in the first quarter. Amova Asset Management Americas Inc. now owns 3,458,265 shares of the software maker's stock worth $410,219,000 after purchasing an additional 165,080 shares during the period. Finally, Amundi grew its stake in shares of Shopify by 2.7% in the 1st quarter. Amundi now owns 3,200,943 shares of the software maker's stock worth $379,696,000 after buying an additional 84,971 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Up 2.1%

Shares of NASDAQ:SHOP opened at $152.06 on Tuesday. The firm's 50 day moving average price is $152.50 and its 200-day moving average price is $130.14. The stock has a market capitalization of $195.65 billion, a PE ratio of 92.72, a price-to-earnings-growth ratio of 3.10 and a beta of 2.65. Shopify Inc. has a twelve month low of $94.00 and a twelve month high of $180.88.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings data on Tuesday, November 3rd. The software maker reported $0.49 EPS for the quarter, topping the consensus estimate of $0.33 by $0.16. Shopify had a return on equity of 14.03% and a net margin of 15.01%. The firm had revenue of $3.74 billion during the quarter. During the same quarter last year, the company earned $0.34 earnings per share. The company's revenue for the quarter was up 31.6% on a year-over-year basis. Analysts expect that Shopify Inc. will post 1.47 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on SHOP shares. DA Davidson set a $180.00 price objective on shares of Shopify and gave the company a "buy" rating in a research note on Tuesday, November 3rd. Phillip Securities lowered shares of Shopify from a "strong-buy" rating to a "moderate buy" rating in a report on Monday, August 17th. Weiss Ratings cut Shopify from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, October 30th. Wells Fargo & Company reiterated an "overweight" rating and set a $205.00 target price (down from $208.00) on shares of Shopify in a research note on Wednesday, November 4th. Finally, Rothschild & Co Redburn set a $130.00 target price on Shopify and gave the company a "neutral" rating in a research note on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, thirty-eight have issued a Buy rating and ten have given a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $178.82.

About Shopify

Shopify is a commerce technology company that provides tools for businesses to create and operate online stores. Its platform supports activities such as product management, order processing, payments, shipping, marketing and customer engagement.

Shopify also offers point-of-sale tools for merchants selling in person, connecting retail operations with online sales. Its services are used by businesses of varying sizes and are available to merchants in countries around the world.

Founded in 2006, Shopify is headquartered in Ottawa, Canada.

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