Charles Schwab Investment Management Inc. Acquires 62,149 Shares of Shopify Inc. (NYSE:SHOP)

Key Points

• Charles Schwab Investment Management Inc. has increased its holdings in Shopify Inc. by 2.5%, now owning about 2.55 million shares worth $243 million.
• Several analysts have recently raised their price targets for Shopify, with increases from $145 to $180, indicating a strong bullish sentiment among market experts.
• Shopify's stock opened at $149.61 and has experienced a significant price range over the past year, with a low of $65.86 and a high of $156.85.

Charles Schwab Investment Management Inc. grew its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 2.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,555,235 shares of the software maker's stock after buying an additional 62,149 shares during the period. Charles Schwab Investment Management Inc. owned 0.20% of Shopify worth $243,056,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Mather Group LLC. lifted its stake in shares of Shopify by 127.4% in the 1st quarter. Mather Group LLC. now owns 912 shares of the software maker's stock worth $87,000 after acquiring an additional 511 shares during the period. Dynamic Advisor Solutions LLC purchased a new position in Shopify during the 1st quarter valued at about $382,000. GAMMA Investing LLC increased its holdings in Shopify by 80.0% during the 1st quarter. GAMMA Investing LLC now owns 963 shares of the software maker's stock valued at $92,000 after acquiring an additional 428 shares in the last quarter. Bessemer Group Inc. boosted its stake in shares of Shopify by 3.8% during the 1st quarter. Bessemer Group Inc. now owns 1,059,585 shares of the software maker's stock worth $101,163,000 after purchasing an additional 38,616 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Shopify by 1.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 38,732 shares of the software maker's stock worth $3,694,000 after purchasing an additional 432 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several research analyst reports. Royal Bank Of Canada raised their target price on shares of Shopify from $145.00 to $170.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Atb Cap Markets lowered shares of Shopify from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 6th. DA Davidson lifted their price objective on shares of Shopify from $125.00 to $185.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Citigroup lifted their price target on shares of Shopify from $155.00 to $195.00 and gave the stock a "buy" rating in a research note on Friday. Finally, Canaccord Genuity Group lifted their price target on shares of Shopify from $115.00 to $165.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. One equities research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat, Shopify presently has a consensus rating of "Moderate Buy" and an average price target of $148.51.

Shopify Trading Up 1.2%

SHOP stock traded up $1.80 during mid-day trading on Tuesday, reaching $149.30. 7,172,887 shares of the stock traded hands, compared to its average volume of 10,527,135. Shopify Inc. has a 52-week low of $65.86 and a 52-week high of $156.85. The company has a market cap of $193.70 billion, a P/E ratio of 96.32, a P/E/G ratio of 4.82 and a beta of 2.63. The stock's fifty day moving average is $119.20 and its 200-day moving average is $108.43.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its 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 the consensus estimate of $2.55 billion. Shopify had a return on equity of 12.00% and a net margin of 22.74%. The firm's quarterly revenue was up 31.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.26 EPS. Equities research analysts expect that Shopify Inc. will post 1.12 earnings per share for the current 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.