Dorsey & Whitney Trust CO LLC Buys 3,461 Shares of Shopify Inc. $SHOP

Key Points

• Dorsey & Whitney Trust CO LLC increased its stake in Shopify Inc. by 105.2%, now holding shares worth $644,000.
• Shopify reported a 31.1% year-over-year revenue increase, with earnings per share of $0.35 exceeding expectations.
• Analysts have boosted price targets for Shopify, with the consensus target now at $148.51, reflecting a generally favorable outlook.

Dorsey & Whitney Trust CO LLC raised its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 105.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,750 shares of the software maker's stock after buying an additional 3,461 shares during the period. Dorsey & Whitney Trust CO LLC's holdings in Shopify were worth $644,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of SHOP. Brighton Jones LLC grew its stake in shares of Shopify by 2.8% during the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock valued at $2,252,000 after purchasing an additional 584 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Shopify by 5.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 496,188 shares of the software maker's stock valued at $52,761,000 after purchasing an additional 26,416 shares during the last quarter. Stifel Financial Corp grew its stake in shares of Shopify by 2.0% during the fourth quarter. Stifel Financial Corp now owns 363,685 shares of the software maker's stock valued at $38,671,000 after purchasing an additional 6,964 shares during the last quarter. IHT Wealth Management LLC grew its stake in shares of Shopify by 4.1% during the fourth quarter. IHT Wealth Management LLC now owns 8,816 shares of the software maker's stock valued at $937,000 after purchasing an additional 344 shares during the last quarter. Finally, MGO One Seven LLC boosted its stake in Shopify by 9.3% in the fourth quarter. MGO One Seven LLC now owns 18,008 shares of the software maker's stock valued at $1,915,000 after acquiring an additional 1,525 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. National Bankshares raised their price objective on shares of Shopify from $140.00 to $180.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Benchmark reaffirmed a "buy" rating and issued a $140.00 price objective (up from $125.00) on shares of Shopify in a research note on Tuesday, August 5th. Canaccord Genuity Group raised their price objective on shares of Shopify from $115.00 to $165.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. BNP Paribas Exane cut shares of Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price objective on the stock. in a research note on Monday, May 5th. Finally, Arete reaffirmed a "neutral" rating on shares of Shopify in a research note on Wednesday, July 23rd. Twenty-four research analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $148.51.

Shopify Stock Down 1.1%

Shares of NYSE:SHOP traded down $1.58 during midday trading on Monday, reaching $140.53. 4,850,916 shares of the company were exchanged, compared to its average volume of 10,300,885. Shopify Inc. has a fifty-two week low of $65.86 and a fifty-two week high of $156.85. The stock has a fifty day simple moving average of $124.55 and a two-hundred day simple moving average of $109.77. The firm has a market cap of $182.64 billion, a PE ratio of 90.67, a P/E/G ratio of 4.82 and a beta of 2.63.

Shopify (NYSE: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 (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.06. Shopify had a net margin of 22.74% and a return on equity of 12.00%. The firm had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. During the same period in the previous year, the business earned $0.26 EPS. The company's revenue was up 31.1% compared to the same quarter last year. As a group, analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current 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.