Credit Agricole S A Raises Position in Shopify Inc. $SHOP

Key Points

• Credit Agricole S A has increased its stake in Shopify Inc. by 6.2%, owning 58,899 shares worth approximately $5.62 million.
• Shopify's recent earnings report showed a profit of $0.35 EPS, surpassing expectations, with revenue of $2.68 billion for the quarter, a 31.1% increase year-over-year.
• As of now, 69.27% of Shopify's stock is held by hedge funds and institutional investors, reflecting growing interest in the company.

Credit Agricole S A raised its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 6.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 58,899 shares of the software maker's stock after purchasing an additional 3,435 shares during the period. Credit Agricole S A's holdings in Shopify were worth $5,624,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BI Asset Management Fondsmaeglerselskab A S raised its holdings in shares of Shopify by 38.9% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 225,390 shares of the software maker's stock worth $21,520,000 after buying an additional 63,180 shares during the period. MIG Capital LLC raised its holdings in shares of Shopify by 150.4% in the first quarter. MIG Capital LLC now owns 7,838 shares of the software maker's stock worth $748,000 after buying an additional 4,708 shares during the period. Texas Capital Bank Wealth Management Services Inc purchased a new stake in shares of Shopify in the first quarter worth approximately $883,000. Colonial Trust Advisors raised its holdings in shares of Shopify by 115.4% in the first quarter. Colonial Trust Advisors now owns 560 shares of the software maker's stock worth $53,000 after buying an additional 300 shares during the period. Finally, RWA Wealth Partners LLC raised its holdings in shares of Shopify by 6.6% in the first quarter. RWA Wealth Partners LLC now owns 3,568 shares of the software maker's stock worth $341,000 after buying an additional 220 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Trading Up 4.0%

Shares of NYSE SHOP opened at $142.11 on Friday. The stock has a market capitalization of $184.69 billion, a PE ratio of 91.68, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. The stock's fifty day simple moving average is $124.55 and its two-hundred day simple moving average is $109.92. Shopify Inc. has a 12-month low of $65.86 and a 12-month high of $156.85.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last announced its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.06. The business had revenue of $2.68 billion for the quarter, compared to analysts' expectations of $2.55 billion. Shopify had a return on equity of 12.00% and a net margin of 22.74%.The business's revenue for the quarter was up 31.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.26 EPS. On average, equities analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on SHOP shares. BNP Paribas downgraded Shopify from a "strong-buy" rating to a "hold" rating in a report on Monday, May 5th. Capital One Financial upgraded Shopify from an "equal weight" rating to an "overweight" rating in a report on Thursday, May 8th. Oppenheimer raised their price objective on Shopify from $145.00 to $180.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Atb Cap Markets downgraded Shopify from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 6th. Finally, Wells Fargo & Company raised their price objective on Shopify from $107.00 to $125.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Twenty-four research analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Shopify has a consensus rating of "Moderate Buy" and an average target price of $148.51.

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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