Investment Partners Asset Management Inc. Makes New Investment in Shopify Inc. $SHOP

Key Points

• Investment Partners Asset Management Inc. has made a new investment in Shopify, purchasing 1,817 shares valued at approximately $210,000 during the 2nd quarter.
• Shopify's recent earnings report showed a 31.1% increase in quarterly revenue year-over-year, with earnings per share of $0.35, beating estimates of $0.29.
• Market analysts have set a consensus price target for Shopify at $151.69, with most ratings being "Buy" or "Outperform."

Investment Partners Asset Management Inc. bought a new position in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 1,817 shares of the software maker's stock, valued at approximately $210,000.

Several other hedge funds have also made changes to their positions in the company. Worth Asset Management LLC purchased a new stake in shares of Shopify during the 2nd quarter worth $236,000. Integrity Alliance LLC. acquired a new position in shares of Shopify in the first quarter valued at about $211,000. Jacobs & Co. CA acquired a new stake in Shopify during the second quarter worth about $285,000. Focus Partners Wealth grew its holdings in Shopify by 7.4% during the first quarter. Focus Partners Wealth now owns 288,722 shares of the software maker's stock worth $27,567,000 after acquiring an additional 19,908 shares during the period. Finally, Ascent Group LLC acquired a new stake in Shopify in the first quarter valued at approximately $513,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have commented on the company. Evercore ISI raised their price objective on Shopify from $120.00 to $170.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Robert W. Baird raised their price objective on Shopify from $110.00 to $120.00 and gave the company an "outperform" rating in a report on Monday, July 14th. Cantor Fitzgerald set a $156.00 price objective on Shopify and gave the company a "neutral" rating in a report on Wednesday, August 27th. Needham & Company LLC assumed coverage on Shopify in a report on Monday, July 14th. They issued a "buy" rating and a $135.00 price objective on the stock. Finally, Loop Capital lowered Shopify from a "buy" rating to a "hold" rating and set a $120.00 price objective on the stock. in a report on Tuesday, July 22nd. Twenty-three equities research analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $151.69.

Shopify Price Performance

NASDAQ SHOP opened at $140.25 on Friday. The company has a market cap of $182.28 billion, a PE ratio of 78.35, a price-to-earnings-growth ratio of 6.80 and a beta of 2.69. The stock's 50 day simple moving average is $140.00 and its 200-day simple moving average is $115.15. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $159.01.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last released its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.06. The business had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The business's quarterly revenue was up 31.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.26 earnings per share. On average, equities research analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Shopify 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.

Want to see what other hedge funds are holding SHOP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.