Erste Asset Management GmbH Boosts Holdings in Shopify Inc. $SHOP

Key Points

• Erste Asset Management GmbH increased its holdings in Shopify Inc. by 295.3% to a total of 217,436 shares, valued at approximately $20.97 million.
• Wall Street analysts have given mixed ratings on Shopify, with 24 analysts rating it a "Buy" and recent target prices ranging from $100.00 to $180.00.
• Shopify reported $2.68 billion in revenue for the latest quarter, exceeding expectations and showing a 31.1% year-over-year growth in revenue.

Erste Asset Management GmbH raised its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 295.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 217,436 shares of the software maker's stock after buying an additional 162,436 shares during the quarter. Erste Asset Management GmbH's holdings in Shopify were worth $20,965,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Fourth Dimension Wealth LLC purchased a new stake in shares of Shopify during the 4th quarter worth about $30,000. Smithfield Trust Co grew its holdings in shares of Shopify by 149.2% during 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. purchased a new stake in shares of Shopify during the 1st quarter worth about $30,000. Cary Street Partners Investment Advisory LLC grew its holdings in shares of Shopify by 86.8% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock worth $34,000 after purchasing an additional 165 shares during the period. Finally, Accent Capital Management LLC purchased a new stake in shares of Shopify during the 1st quarter worth about $46,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

SHOP has been the subject of a number of research reports. Benchmark reiterated a "buy" rating and set a $140.00 target price (up previously from $125.00) on shares of Shopify in a report on Tuesday, August 5th. BNP Paribas Exane cut Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 target price for the company. in a report on Monday, May 5th. Mizuho boosted their target price on Shopify from $85.00 to $150.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Truist Financial upped their price target on Shopify from $95.00 to $150.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. Finally, National Bankshares upped their price target on Shopify from $140.00 to $180.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Twenty-four analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Shopify currently has a consensus rating of "Moderate Buy" and a consensus price target of $148.51.

Shopify Stock Down 2.7%

Shares of SHOP opened at $139.25 on Wednesday. The business's 50 day moving average is $122.80 and its two-hundred day moving average is $109.41. Shopify Inc. has a 52-week low of $65.86 and a 52-week high of $156.85. The firm has a market cap of $180.66 billion, a price-to-earnings ratio of 89.84, a PEG ratio of 4.82 and a beta of 2.63.

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 analysts' consensus estimates of $0.29 by $0.06. Shopify had a return on equity of 12.00% and a net margin of 22.74%.The company had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. During the same period in the prior year, the company posted $0.26 EPS. Shopify's quarterly revenue was up 31.1% on a year-over-year basis. On average, equities analysts expect 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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