Compound Planning Inc. Grows Stock Position in Shopify Inc. $SHOP

Key Points

• Compound Planning Inc. increased its stake in Shopify Inc. by 14.5% in Q1, owning 24,277 shares valued at approximately $2.32 million.
• Shopify reported earnings of $0.35 per share, surpassing analysts' expectations, with a revenue of $2.68 billion for the quarter, reflecting a 31.1% year-over-year growth.
• Institutional investors now hold about 69.27% of Shopify's stock, and the company has received numerous positive ratings from research analysts, including a price target increase from TD Securities to $170.00.

Compound Planning Inc. grew its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 14.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,277 shares of the software maker's stock after purchasing an additional 3,066 shares during the period. Compound Planning Inc.'s holdings in Shopify were worth $2,318,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Fourth Dimension Wealth LLC purchased a new stake in Shopify during the 4th quarter worth $30,000. Smithfield Trust Co boosted its position in Shopify by 149.2% in the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after buying an additional 188 shares during the last quarter. Dagco Inc. acquired a new stake in shares of Shopify during the first quarter valued at about $30,000. Cary Street Partners Investment Advisory LLC increased its position in shares of 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 last quarter. Finally, Accent Capital Management LLC acquired a new position in shares of Shopify in the first quarter worth about $46,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Performance

Shopify stock opened at $142.11 on Friday. Shopify Inc. has a one year low of $65.86 and a one year high of $156.85. The company has a 50-day simple moving average of $124.55 and a 200-day simple moving average of $109.92. The firm has a market capitalization of $184.69 billion, a P/E ratio of 91.68, a P/E/G ratio of 4.82 and a beta of 2.63.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last posted its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. Shopify had a net margin of 22.74% and a return on equity of 12.00%. The firm had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same period in the previous year, the business posted $0.26 EPS. Shopify's revenue was up 31.1% on a year-over-year basis. As a group, sell-side analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Stifel Nicolaus lifted their price objective on Shopify from $110.00 to $150.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. TD Securities lifted their price target on shares of Shopify from $145.00 to $170.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. UBS Group increased their price objective on shares of Shopify from $110.00 to $145.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Wells Fargo & Company raised their price objective on shares of Shopify from $107.00 to $125.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Finally, CIBC boosted their target price on shares of Shopify from $145.00 to $185.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Twenty-four research analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $148.51.

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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