FCG Investment Co Invests $864,000 in Shopify Inc. $SHOP

Key Points

• FCG Investment Co has invested $864,000 in Shopify Inc. by acquiring 7,487 shares during the second quarter, reflecting growing institutional interest in the company.
• Shopify's recent quarterly earnings report showed $2.68 billion in revenue, exceeding analyst expectations and a year-over-year revenue growth of 31.1%.
• Various analysts have set target prices for Shopify stock, with CIBC increasing its target from $145 to $185, highlighting strong investor confidence in the company's future performance.

FCG Investment Co bought a new position in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP during the second quarter, according to its most recent disclosure with the SEC. The firm bought 7,487 shares of the software maker's stock, valued at approximately $864,000.

Several other hedge funds have also bought and sold shares of the stock. Nuveen LLC bought a new position in shares of Shopify in the first quarter worth about $667,392,000. Jennison Associates LLC increased its holdings in Shopify by 324.3% in the 1st quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker's stock worth $504,209,000 after acquiring an additional 4,036,326 shares in the last quarter. Canada Pension Plan Investment Board raised its stake in Shopify by 34.4% during the 1st 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. Mackenzie Financial Corp lifted its holdings in Shopify by 19.7% during the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock valued at $822,745,000 after purchasing an additional 1,426,406 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in Shopify by 24.6% during the first quarter. Alliancebernstein L.P. now owns 5,554,420 shares of the software maker's stock valued at $530,336,000 after purchasing an additional 1,094,840 shares in the last quarter. Institutional investors own 69.27% of the company's stock.

Shopify Trading Down 3.6%

Shares of SHOP stock opened at $143.45 on Friday. The stock has a market capitalization of $186.44 billion, a price-to-earnings ratio of 80.14, a price-to-earnings-growth ratio of 7.05 and a beta of 2.69. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $159.01. The stock's 50-day moving average price is $139.74 and its 200-day moving average price is $114.82.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The company had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same period in the prior year, the company earned $0.26 earnings per share. The firm's revenue was up 31.1% on a year-over-year basis. As a group, research analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on SHOP shares. Cantor Fitzgerald set a $156.00 target price on shares of Shopify and gave the company a "neutral" rating in a research note on Wednesday, August 27th. Wells Fargo & Company raised their price target on Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, June 6th. CIBC upped their price objective on Shopify from $145.00 to $185.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Royal Bank Of Canada increased their target price on Shopify from $145.00 to $170.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Finally, Canaccord Genuity Group lifted their target price on Shopify from $115.00 to $165.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Twenty-three research analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $151.69.

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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