Commerzbank Aktiengesellschaft FI Takes $1.60 Million Position in Shopify Inc. $SHOP

Key Points

• Commerzbank Aktiengesellschaft FI acquired a new stake in Shopify Inc., purchasing 13,899 shares valued at approximately $1.60 million during the second quarter.
• Analysts have raised their price targets for Shopify, with JPMorgan increasing its target from $115 to $179 and Wedbush raising it from $115 to $160, reflecting positive sentiment towards the stock.
• Shopify reported a 31.1% year-over-year increase in quarterly revenue, reaching $2.68 billion, and outperformed analysts' EPS expectations with a reported $0.35 per share.

Commerzbank Aktiengesellschaft FI purchased a new stake in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 13,899 shares of the software maker's stock, valued at approximately $1,603,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Moseley Investment Management Inc. increased its position in shares of Shopify by 2.8% during the second quarter. Moseley Investment Management Inc. now owns 3,674 shares of the software maker's stock valued at $424,000 after buying an additional 100 shares during the period. KRS Capital Management LLC increased its position in shares of Shopify by 2.5% in the second quarter. KRS Capital Management LLC now owns 4,835 shares of the software maker's stock worth $558,000 after purchasing an additional 120 shares during the last quarter. IFP Advisors Inc increased its position in shares of Shopify by 113.6% in the second quarter. IFP Advisors Inc now owns 21,750 shares of the software maker's stock worth $2,509,000 after purchasing an additional 11,568 shares during the last quarter. Callan Family Office LLC bought a new position in shares of Shopify in the second quarter worth approximately $1,052,000. Finally, Blair William & Co. IL increased its position in shares of Shopify by 1.0% in the second quarter. Blair William & Co. IL now owns 500,680 shares of the software maker's stock worth $57,753,000 after purchasing an additional 4,852 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on SHOP. JPMorgan Chase & Co. upped their price objective on shares of Shopify from $115.00 to $179.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Zacks Research upgraded shares of Shopify to a "hold" rating in a research report on Tuesday, August 12th. Wedbush upped their price objective on shares of Shopify from $115.00 to $160.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. JMP Securities upped their price objective on shares of Shopify from $135.00 to $185.00 and gave the stock a "market outperform" rating in a research report on Thursday, August 7th. Finally, Truist Financial upped their price objective on shares of Shopify from $95.00 to $150.00 and gave the stock a "hold" rating in a research report on Thursday, August 7th. Twenty-two research analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $151.95.

Shopify Price Performance

Shares of NASDAQ SHOP opened at $151.02 on Friday. Shopify Inc. has a one year low of $69.84 and a one year high of $169.69. The firm's 50 day simple moving average is $146.61 and its two-hundred day simple moving average is $119.06. The stock has a market capitalization of $196.27 billion, a P/E ratio of 84.37, a PEG ratio of 7.67 and a beta of 2.72.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The business had revenue of $2.68 billion for the quarter, compared to analysts' expectations of $2.55 billion. During the same period last year, the business earned $0.26 earnings per share. The business's quarterly revenue was up 31.1% on a year-over-year basis. As a group, equities analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

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.

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