Cornerstone Enterprises LLC Increases Stock Holdings in Shopify Inc. $SHOP

Key Points

• Cornerstone Enterprises LLC increased its stake in Shopify by 53.6%, acquiring an additional 2,569 shares, bringing its total to 7,360 shares valued at approximately $849,000.
• Several institutional investors, including Vanguard Group and Mackenzie Financial Corp, also boosted their holdings in Shopify, with Vanguard now owning nearly 48 million shares worth approximately $4.56 billion.
• Shopify recently reported a quarterly earnings of $0.35 per share, exceeding estimates, with revenues at $2.68 billion, reflecting a year-over-year growth of 31.1%.

Cornerstone Enterprises LLC increased its holdings in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 53.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,360 shares of the software maker's stock after acquiring an additional 2,569 shares during the quarter. Shopify comprises approximately 0.5% of Cornerstone Enterprises LLC's portfolio, making the stock its 21st biggest position. Cornerstone Enterprises LLC's holdings in Shopify were worth $849,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Shopify by 1.9% in the first quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker's stock worth $4,563,106,000 after acquiring an additional 882,168 shares during the period. Mackenzie Financial Corp lifted its stake in Shopify by 19.7% in the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock worth $822,745,000 after acquiring an additional 1,426,406 shares during the period. Nuveen LLC purchased a new stake in Shopify in the first quarter worth $667,392,000. Canada Pension Plan Investment Board lifted its stake in Shopify by 34.4% in the first quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker's stock worth $565,504,000 after acquiring an additional 1,522,573 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its stake in Shopify by 21.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker's stock worth $539,382,000 after acquiring an additional 979,598 shares during the period. Hedge funds and other institutional investors own 69.27% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Truist Financial raised their price objective on Shopify from $95.00 to $150.00 and gave the company a "hold" rating in a research report on Thursday, August 7th. National Bankshares raised their price objective on Shopify from $140.00 to $180.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Weiss Ratings reissued a "hold (c)" rating on shares of Shopify in a research report on Wednesday. Arete reissued a "neutral" rating on shares of Shopify in a research report on Wednesday, July 23rd. Finally, Citigroup raised their price objective on Shopify from $155.00 to $195.00 and gave the company a "buy" rating in a research report on Friday, August 8th. Twenty-two research analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $151.95.

Shopify Price Performance

Shares of NASDAQ:SHOP opened at $166.43 on Thursday. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $169.69. The business has a fifty day moving average price of $145.13 and a 200-day moving average price of $118.40. The company has a market capitalization of $216.30 billion, a PE ratio of 92.98, a PEG ratio of 7.55 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 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The firm had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. During the same period last year, the company earned $0.26 earnings per share. The company's revenue was up 31.1% on a year-over-year basis. On average, sell-side analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Shopify 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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