Federation des caisses Desjardins du Quebec Raises Holdings in Shopify Inc. $SHOP

Key Points

• The Federation des caisses Desjardins du Quebec increased its stake in Shopify Inc. by 7.3%, bringing its total shares to approximately 1.67 million, valued at about $158.8 million.
• Shopify reported earnings of $0.35 per share, exceeding analyst expectations of $0.29, with revenues of $2.68 billion, a 31.1% increase year-over-year.
• Research firms have raised their price targets for Shopify, with Evercore ISI setting a new target at $170.00 and TD Securities at $170.00, indicating strong market confidence.

Federation des caisses Desjardins du Quebec boosted its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 7.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,672,448 shares of the software maker's stock after purchasing an additional 113,711 shares during the period. Shopify makes up about 0.8% of Federation des caisses Desjardins du Quebec's investment portfolio, making the stock its 28th biggest holding. Federation des caisses Desjardins du Quebec owned approximately 0.13% of Shopify worth $158,800,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of SHOP. LRI Investments LLC lifted its holdings in Shopify by 9.8% in the fourth quarter. LRI Investments LLC now owns 889 shares of the software maker's stock worth $94,000 after acquiring an additional 79 shares during the last quarter. Quadcap Wealth Management LLC raised its holdings in Shopify by 0.9% during the first quarter. Quadcap Wealth Management LLC now owns 11,133 shares of the software maker's stock worth $1,063,000 after purchasing an additional 103 shares in the last quarter. Fullcircle Wealth LLC raised its holdings in Shopify by 2.7% during the first quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker's stock worth $418,000 after purchasing an additional 110 shares in the last quarter. Avidian Wealth Enterprises LLC grew its position in Shopify by 3.4% during the 1st quarter. Avidian Wealth Enterprises LLC now owns 3,533 shares of the software maker's stock worth $337,000 after purchasing an additional 116 shares in the last quarter. Finally, SVB Wealth LLC boosted its stake in shares of Shopify by 2.2% during the 1st quarter. SVB Wealth LLC now owns 5,415 shares of the software maker's stock valued at $517,000 after buying an additional 119 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Trading Down 0.2%

Shopify stock opened at $141.28 on Tuesday. The company has a market cap of $183.62 billion, a P/E ratio of 91.15, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. The company has a fifty day simple moving average of $128.60 and a 200 day simple moving average of $110.52. Shopify Inc. has a 1-year low of $65.86 and a 1-year high of $156.85.

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

Analysts Set New Price Targets

Several research firms recently issued reports on SHOP. Evercore ISI lifted their price objective on shares of Shopify from $120.00 to $170.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Capital One Financial raised shares of Shopify from an "equal weight" rating to an "overweight" rating in a research note on Thursday, May 8th. Atb Cap Markets cut shares of Shopify from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 6th. Scotiabank reissued a "sector perform" rating and issued a $150.00 target price (up previously from $115.00) on shares of Shopify in a research note on Thursday, August 7th. Finally, TD Securities boosted their price target on shares of Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Twenty-four equities research 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.com, Shopify has a consensus rating of "Moderate Buy" and an average price target of $150.27.

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.

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