Congress Asset Management Co. Has $93.88 Million Position in Shopify Inc. $SHOP

Congress Asset Management Co. raised its stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 8.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 813,858 shares of the software maker's stock after buying an additional 65,663 shares during the period. Congress Asset Management Co. owned about 0.06% of Shopify worth $93,879,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Family Legacy Financial Solutions LLC bought a new stake in Shopify in the second quarter valued at approximately $25,000. Global Wealth Strategies & Associates lifted its position in shares of Shopify by 182.8% in the 2nd quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker's stock worth $30,000 after purchasing an additional 170 shares during the period. Smithfield Trust Co lifted its position in shares of Shopify by 149.2% in the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock worth $30,000 after purchasing an additional 188 shares during the period. Dagco Inc. bought a new stake in shares of Shopify in the 1st quarter valued at $30,000. Finally, 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 buying an additional 165 shares during the period. Institutional investors and hedge funds own 69.27% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on SHOP. Arete Research upgraded shares of Shopify to a "hold" rating in a report on Wednesday, July 23rd. Scotiabank reissued a "sector perform" rating and issued a $150.00 price objective (up from $115.00) on shares of Shopify in a research report on Thursday, August 7th. Barclays boosted their price objective on Shopify from $94.00 to $120.00 and gave the company an "equal weight" rating in a research note on Thursday, August 7th. Stifel Nicolaus lifted their target price on Shopify from $110.00 to $150.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. Finally, Wells Fargo & Company boosted their price target on Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. Twenty-three analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Shopify presently has an average rating of "Moderate Buy" and an average target price of $151.69.

Shopify Stock Performance

Shares of NASDAQ:SHOP opened at $143.45 on Friday. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $159.01. The business's 50 day simple moving average is $139.74 and its two-hundred day simple moving average is $114.82. The firm has a market cap of $186.44 billion, a P/E ratio of 80.14, a PEG ratio of 7.05 and a beta of 2.69.

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

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