Shopify Inc. $SHOP Shares Acquired by Intech Investment Management LLC

Key Points

• Intech Investment Management LLC increased its holdings in Shopify Inc. by 60.2% during the first quarter, now owning 157,014 shares valued at approximately $14.9 million.
• Other hedge funds have also increased their stakes in Shopify, with Mather Group LLC growing its stake by 127.4% in the same period.
• Shopify's stock currently holds an average analyst rating of "Moderate Buy" with a consensus price target of $150.27, reflecting confidence despite mixed ratings from various firms.

Intech Investment Management LLC raised its holdings in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 60.2% during the first quarter, according to its most recent filing with the SEC. The firm owned 157,014 shares of the software maker's stock after purchasing an additional 59,004 shares during the period. Intech Investment Management LLC's holdings in Shopify were worth $14,935,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Focus Partners Wealth increased its position in Shopify by 7.4% during the 1st quarter. Focus Partners Wealth now owns 288,722 shares of the software maker's stock valued at $27,567,000 after purchasing an additional 19,908 shares during the period. Integrity Alliance LLC. purchased a new position in Shopify during the 1st quarter valued at about $211,000. Glenview Trust co boosted its holdings in shares of Shopify by 5.5% in the 1st quarter. Glenview Trust co now owns 3,676 shares of the software maker's stock valued at $351,000 after buying an additional 190 shares in the last quarter. SageView Advisory Group LLC boosted its holdings in shares of Shopify by 52.3% in the 1st quarter. SageView Advisory Group LLC now owns 4,840 shares of the software maker's stock valued at $462,000 after buying an additional 1,662 shares in the last quarter. Finally, SCS Capital Management LLC bought a new stake in shares of Shopify in the 1st quarter valued at about $1,101,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Price Performance

SHOP traded down $1.65 during trading on Friday, reaching $143.38. 4,910,276 shares of the company's stock were exchanged, compared to its average volume of 5,435,396. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $156.85. The company's fifty day simple moving average is $133.77 and its 200-day simple moving average is $112.04. The stock has a market capitalization of $186.35 billion, a P/E ratio of 80.10, a price-to-earnings-growth ratio of 6.87 and a beta of 2.69.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings data 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 23.42% and a return on equity of 12.30%. The business had revenue of $2.68 billion during the quarter, compared to analysts' expectations of $2.55 billion. During the same period in the previous year, the business posted $0.26 EPS. The business's quarterly revenue was up 31.1% compared to the same quarter last year. Equities analysts forecast that Shopify Inc. will post 1.12 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised their price target on shares of Shopify from $115.00 to $179.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Loop Capital cut shares of Shopify from a "buy" rating to a "hold" rating and set a $120.00 price target on the stock. in a report on Tuesday, July 22nd. TD Securities raised their price target on shares of Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Benchmark restated a "buy" rating and issued a $140.00 price target (up from $125.00) on shares of Shopify in a report on Tuesday, August 5th. Finally, Needham & Company LLC initiated coverage on shares of Shopify in a report on Monday, July 14th. They issued a "buy" rating and a $135.00 price target on the stock. Twenty-four equities research analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Shopify currently has an average rating of "Moderate Buy" and a consensus 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.