Concurrent Investment Advisors LLC Purchases 14,679 Shares of Shopify Inc. $SHOP

Key Points

• Concurrent Investment Advisors LLC increased its Shopify stake by 51.7% in the second quarter, purchasing 14,679 additional shares for a total of 43,078 shares valued at approximately $4.9 million. Institutional investors collectively own 69.27% of Shopify.
• Shopify reported quarterly revenue of $3.58 billion, up 33.7% year over year, and adjusted earnings of $0.42 per share, exceeding analysts’ $0.40 estimate. The company posted a 14.53% net margin and 12.58% return on equity.
• Wall Street maintains a “Moderate Buy” consensus on Shopify, with 35 Buy, 10 Hold, and 1 Strong Buy ratings. Analysts’ average price target is $170.84, compared with the stock’s reported price of $145.09.

Concurrent Investment Advisors LLC lifted its position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 51.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 43,078 shares of the software maker's stock after purchasing an additional 14,679 shares during the period. Concurrent Investment Advisors LLC's holdings in Shopify were worth $4,919,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Norges Bank acquired a new position in Shopify in the 4th quarter valued at $2,611,797,000. Sands Capital Management LLC increased its position in Shopify by 37.0% during the 4th quarter. Sands Capital Management LLC now owns 9,506,036 shares of the software maker's stock worth $1,530,187,000 after buying an additional 2,568,765 shares during the period. Invesco Ltd. lifted its holdings in shares of Shopify by 9.8% during the fourth quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker's stock worth $2,257,796,000 after buying an additional 1,252,074 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of Shopify by 7,207.2% during the fourth quarter. Thrivent Financial for Lutherans now owns 1,148,259 shares of the software maker's stock worth $184,883,000 after buying an additional 1,132,545 shares in the last quarter. Finally, Select Equity Group L.P. boosted its position in shares of Shopify by 92.5% in the second quarter. Select Equity Group L.P. now owns 2,246,473 shares of the software maker's stock valued at $259,124,000 after acquiring an additional 1,079,494 shares during the period. 69.27% of the stock is owned by institutional investors.

Shopify Stock Performance

SHOP opened at $145.09 on Monday. Shopify Inc. has a twelve month low of $94.00 and a twelve month high of $182.19. The company has a 50-day simple moving average of $134.20 and a 200 day simple moving average of $122.76. The company has a quick ratio of 5.35, a current ratio of 5.35 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $186.68 billion, a price-to-earnings ratio of 98.03, a P/E/G ratio of 2.96 and a beta of 2.61.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings data on Wednesday, August 5th. The software maker reported $0.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.40 by $0.02. Shopify had a net margin of 14.53% and a return on equity of 12.58%. The firm had revenue of $3.58 billion for the quarter. During the same quarter in the previous year, the company earned $0.69 earnings per share. The company's quarterly revenue was up 33.7% on a year-over-year basis. Analysts predict that Shopify Inc. will post 1.45 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Jefferies Financial Group restated a "buy" rating and issued a $175.00 price target on shares of Shopify in a research note on Wednesday, August 5th. Citigroup reissued an "outperform" rating on shares of Shopify in a report on Thursday, August 6th. UBS Group restated a "neutral" rating and set a $145.00 target price (up from $130.00) on shares of Shopify in a research report on Thursday, August 6th. Phillip Securities cut shares of Shopify from a "strong-buy" rating to a "moderate buy" rating in a report on Monday, August 17th. Finally, Barclays set a $145.00 price target on shares of Shopify and gave the company an "equal weight" rating in a research report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, thirty-five have given a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $170.84.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.

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