Fiduciary Alliance LLC Grows Position in Shopify Inc. $SHOP

Key Points

• Fiduciary Alliance LLC increased its holdings in Shopify Inc. by 37.7%, now owning 22,648 shares valued at approximately $2.61 million.
• Shopify reported $2.68 billion in revenue for the last quarter, exceeding expectations and showing a 31.1% year-over-year increase in revenue.
• A number of analysts raised their price targets for Shopify, with Goldman Sachs increasing theirs from $120.00 to $176.00, reflecting overall positive sentiment about the stock.

Fiduciary Alliance LLC boosted its position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 37.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 22,648 shares of the software maker's stock after buying an additional 6,202 shares during the quarter. Fiduciary Alliance LLC's holdings in Shopify were worth $2,612,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Nuveen LLC acquired a new stake in Shopify in the first quarter valued at approximately $667,392,000. Jennison Associates LLC lifted its holdings in Shopify by 324.3% during 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 in the last quarter. Canada Pension Plan Investment Board grew its position in shares of Shopify by 34.4% in the first quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker's stock valued at $565,504,000 after purchasing an additional 1,522,573 shares during the period. Mackenzie Financial Corp grew its position in shares of 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 purchasing an additional 1,426,406 shares during the period. Finally, Voloridge Investment Management LLC purchased a new stake in shares of Shopify during the fourth quarter worth about $125,334,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Stock Performance

Shares of Shopify stock opened at $147.89 on Tuesday. The company has a market capitalization of $192.21 billion, a P/E ratio of 82.62, a PEG ratio of 6.79 and a beta of 2.69. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $156.85. The company's fifty day moving average is $134.39 and its two-hundred day moving average is $112.29.

Shopify (NASDAQ: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 for the quarter, topping the consensus estimate of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The firm had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. During the same period last year, the company earned $0.26 earnings per share. The company's revenue for the quarter was up 31.1% on a year-over-year basis. As a group, equities analysts expect that Shopify Inc. will post 1.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. The Goldman Sachs Group lifted their price target on Shopify from $120.00 to $176.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Benchmark reaffirmed a "buy" rating and set a $140.00 price objective (up previously from $125.00) on shares of Shopify in a research note on Tuesday, August 5th. Arete restated a "neutral" rating on shares of Shopify in a report on Wednesday, July 23rd. Evercore ISI increased their price target on Shopify from $120.00 to $170.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Finally, National Bankshares lifted their price objective on Shopify from $140.00 to $180.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Twenty-four 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 company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $150.27.

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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