Infusive Asset Management Inc. Acquires 9,026 Shares of Shopify Inc. $SHOP

Key Points

• Infusive Asset Management Inc. increased its stake in Shopify Inc. by 16.3%, bringing its total to 64,529 shares worth $6,158,000.
• Several brokerages have raised their price targets for Shopify, with National Bankshares and Oppenheimer both increasing their targets to $180.00, reflecting a positive outlook for the stock.
• Shopify reported earnings of $0.35 per share for the last quarter, exceeding the consensus estimate of $0.29, along with revenue growth of 31.1% year-over-year.

Infusive Asset Management Inc. grew its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 16.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 64,529 shares of the software maker's stock after purchasing an additional 9,026 shares during the period. Shopify makes up approximately 2.8% of Infusive Asset Management Inc.'s portfolio, making the stock its 13th biggest holding. Infusive Asset Management Inc.'s holdings in Shopify were worth $6,158,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Fourth Dimension Wealth LLC acquired a new position in Shopify in the fourth quarter valued at $30,000. Smithfield Trust Co grew its stake in shares of Shopify by 149.2% in the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after buying an additional 188 shares in the last quarter. Dagco Inc. purchased a new position in Shopify in the first quarter valued at about $30,000. Cary Street Partners Investment Advisory LLC boosted its holdings in Shopify by 86.8% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock valued at $34,000 after purchasing an additional 165 shares during the last quarter. Finally, Accent Capital Management LLC purchased a new position in Shopify in the first quarter valued at about $46,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on SHOP shares. Mizuho increased 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. Stifel Nicolaus raised their target price on Shopify from $110.00 to $150.00 and gave the company a "hold" rating in a research report on Thursday, August 7th. Truist Financial lifted their price target on Shopify from $95.00 to $150.00 and gave the company a "hold" rating in a research report on Thursday, August 7th. Wedbush raised their price objective on Shopify from $115.00 to $160.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Finally, CIBC raised 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. Twenty-four research analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $150.27.

Shopify Stock Up 1.2%

NYSE:SHOP traded up $1.67 during trading hours on Friday, hitting $146.82. 5,726,597 shares of the stock were exchanged, compared to its average volume of 10,059,485. The company's 50 day moving average is $130.92 and its two-hundred day moving average is $110.96. Shopify Inc. has a twelve month low of $65.86 and a twelve month high of $156.85. The company has a market capitalization of $190.82 billion, a P/E ratio of 94.72, a price-to-earnings-growth ratio of 4.82 and a beta of 2.69.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, beating the consensus estimate 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 in the previous year, the company posted $0.26 EPS. The business's revenue for the quarter was up 31.1% compared to the same quarter last year. On average, equities research analysts expect that Shopify Inc. will post 1.12 EPS for the current 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.