Gulf International Bank UK Ltd Has $6.66 Million Stock Position in Shopify Inc. (NYSE:SHOP)

Key Points

• Gulf International Bank UK Ltd significantly increased its investment in Shopify, reporting a 2,640.8% rise in holdings to 69,727 shares worth approximately $6.66 million.
• Shopify's recent earnings surpassed expectations, with a net revenue of $2.68 billion and earnings per share of $0.35, reflecting a year-over-year revenue growth of 31.1%.
• Analyst ratings for Shopify show a consensus average of "Moderate Buy" with a target price around $148.51, indicating optimism among analysts despite a recent downgrade from BNP Paribas Exane.

Gulf International Bank UK Ltd boosted its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 2,640.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 69,727 shares of the software maker's stock after buying an additional 67,183 shares during the period. Gulf International Bank UK Ltd's holdings in Shopify were worth $6,658,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently bought and sold shares of the company. Capital World Investors increased its position in Shopify by 0.9% in the 4th quarter. Capital World Investors now owns 53,102,707 shares of the software maker's stock worth $5,646,455,000 after purchasing an additional 496,982 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Shopify by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker's stock worth $4,563,106,000 after acquiring an additional 882,168 shares in the last quarter. Capital International Investors boosted its stake in shares of Shopify by 2.7% during the 4th quarter. Capital International Investors now owns 36,516,305 shares of the software maker's stock worth $3,883,039,000 after acquiring an additional 968,026 shares in the last quarter. Mackenzie Financial Corp boosted its stake in shares of Shopify by 19.7% during the 1st quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock worth $822,745,000 after acquiring an additional 1,426,406 shares in the last quarter. Finally, Nuveen LLC bought a new stake in shares of Shopify during the 1st quarter worth about $667,392,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Price Performance

SHOP opened at $149.30 on Wednesday. The business's 50-day moving average price is $119.20 and its two-hundred day moving average price is $108.43. Shopify Inc. has a 1 year low of $65.86 and a 1 year high of $156.85. The company has a market capitalization of $193.70 billion, a price-to-earnings ratio of 96.32, a P/E/G ratio of 4.82 and a beta of 2.63.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.06. Shopify had a return on equity of 12.00% and a net margin of 22.74%. The business had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. During the same quarter in the prior year, the company posted $0.26 earnings per share. Shopify's revenue was up 31.1% on a year-over-year basis. Sell-side analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SHOP has been the subject of several recent analyst reports. CIBC increased their target price on Shopify from $145.00 to $185.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. DA Davidson increased their target price on Shopify from $125.00 to $185.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Oppenheimer raised 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. BNP Paribas Exane downgraded Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price objective for the company. in a research report on Monday, May 5th. Finally, KeyCorp reiterated an "overweight" rating and issued a $175.00 price objective (up previously from $145.00) on shares of Shopify in a research report on Thursday, August 7th. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating and twenty-four have given a buy rating to the company's stock. According to data from MarketBeat.com, Shopify currently has an average rating of "Moderate Buy" and a consensus target price of $148.51.

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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