Diversified Trust Co Buys 3,633 Shares of Shopify Inc. $SHOP

Key Points

• Diversified Trust Co increased its stake in Shopify Inc. by 66.8% in Q2, owning 9,073 shares valued at approximately $1.05 million.
• Wall Street analysts have raised Shopify's price target significantly, with estimates ranging up to $170.00, reflecting a consensus rating of "Moderate Buy."
• Shopify reported $2.68 billion in revenue for the last quarter, beating estimates and achieving a 31.1% year-over-year growth.

Diversified Trust Co boosted its holdings in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 66.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,073 shares of the software maker's stock after buying an additional 3,633 shares during the period. Diversified Trust Co's holdings in Shopify were worth $1,047,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Nuveen LLC purchased a new position in Shopify in the 1st quarter valued at approximately $667,392,000. Jennison Associates LLC raised its position in Shopify by 324.3% in the first quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker's stock valued at $504,209,000 after purchasing an additional 4,036,326 shares during the period. Canada Pension Plan Investment Board increased its position in shares of Shopify by 34.4% during 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 last quarter. Mackenzie Financial Corp increased its holdings in Shopify by 19.7% in the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock valued at $822,745,000 after buying an additional 1,426,406 shares during the last quarter. Finally, Alliancebernstein L.P. increased its holdings in Shopify by 24.6% in the first quarter. Alliancebernstein L.P. now owns 5,554,420 shares of the software maker's stock valued at $530,336,000 after buying an additional 1,094,840 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Trading Up 2.5%

SHOP traded up $3.82 during trading on Monday, reaching $157.12. 7,010,807 shares of the company were exchanged, compared to its average volume of 5,403,877. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $159.01. The stock has a market cap of $204.20 billion, a P/E ratio of 87.78, a PEG ratio of 7.26 and a beta of 2.69. The firm has a 50 day moving average of $137.32 and a 200 day moving average of $113.58.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 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 net margin of 23.42% and a return on equity of 12.30%. Shopify's revenue was up 31.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.26 EPS. As a group, analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SHOP has been the subject of a number of research analyst reports. Wedbush upped their target price on Shopify from $115.00 to $160.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. TD Securities upped their price target on shares of Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. UBS Group upped their price objective on shares of Shopify from $110.00 to $145.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Truist Financial raised their price objective on shares of Shopify from $95.00 to $150.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. Finally, KeyCorp reaffirmed an "overweight" rating and issued a $175.00 price objective (up from $145.00) on shares of Shopify in a research note on Thursday, August 7th. Twenty-three investment analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Shopify presently has an average rating of "Moderate Buy" and an average price target of $151.69.

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.