Jackson Square Capital LLC Makes New Investment in Shopify Inc. $SHOP

Key Points

• Jackson Square Capital acquired 8,515 Shopify shares worth approximately $1.26 million during the third quarter, while institutional investors and hedge funds collectively own 69.27% of the stock.
• Shopify shares rose 1.2% to $171.56, near the company’s 12-month high of $182.19. The company reported quarterly revenue of $3.58 billion, up 33.7% year over year, and earnings of $0.42 per share, exceeding analyst estimates.
• Analysts maintain a generally positive outlook, with Shopify carrying a “Moderate Buy” consensus rating and an average price target of $175.89; recent targets range as high as $194.

Jackson Square Capital LLC acquired a new position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 8,515 shares of the software maker's stock, valued at approximately $1,263,000.

A number of other hedge funds have also modified their holdings of SHOP. Norris Financial Group LLC purchased a new stake in Shopify during the first quarter valued at about $1,586,000. Infusive Asset Management Inc. raised its holdings in shares of Shopify by 27.4% during the first quarter. Infusive Asset Management Inc. now owns 43,611 shares of the software maker's stock valued at $5,173,000 after acquiring an additional 9,374 shares during the period. OMERS ADMINISTRATION Corp raised its holdings in shares of Shopify by 18.6% during the first quarter. OMERS ADMINISTRATION Corp now owns 58,044 shares of the software maker's stock valued at $6,876,000 after acquiring an additional 9,096 shares during the period. Ninepoint Partners LP acquired a new stake in shares of Shopify during the second quarter valued at approximately $29,027,000. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Shopify by 8.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 8,418,903 shares of the software maker's stock valued at $998,137,000 after acquiring an additional 660,198 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Up 1.2%

Shares of SHOP stock traded up $2.04 during trading on Monday, hitting $171.56. 3,664,117 shares of the company were exchanged, compared to its average volume of 10,341,036. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.35 and a current ratio of 5.35. The firm has a market capitalization of $220.74 billion, a price-to-earnings ratio of 115.92, a P/E/G ratio of 3.50 and a beta of 2.62. The business's 50-day simple moving average is $149.22 and its 200 day simple moving average is $128.36. Shopify Inc. has a twelve month low of $94.00 and a twelve month high of $182.19.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings results on Wednesday, August 5th. The software maker reported $0.42 earnings per share for the quarter, topping analysts' consensus estimates of $0.40 by $0.02. Shopify had a net margin of 14.53% and a return on equity of 12.58%. The business had revenue of $3.58 billion for the quarter. During the same period last year, the company posted $0.69 earnings per share. The company's revenue was up 33.7% compared to the same quarter last year. As a group, analysts forecast that Shopify Inc. will post 1.46 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently commented on SHOP shares. Cantor Fitzgerald raised their price objective on shares of Shopify from $145.00 to $158.00 and gave the stock a "neutral" rating in a research note on Monday, October 12th. Susquehanna started coverage on shares of Shopify in a research note on Friday, July 10th. They set a "neutral" rating on the stock. Benchmark boosted their target price on shares of Shopify from $145.00 to $170.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. The Goldman Sachs Group increased their target price on Shopify from $170.00 to $194.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Finally, BTIG Research began coverage on Shopify in a research report on Friday, July 10th. They issued a "buy" rating for the company. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $175.89.

Shopify Profile

Shopify Inc is a commerce technology company that provides tools for businesses of various sizes to start, operate and grow online and in physical retail environments. Its platform supports online storefronts, product and inventory management, order processing, marketing, analytics and customer engagement.

The company offers subscription-based plans and merchant solutions, including Shopify Payments, Shopify POS, Shopify Capital and tools for shipping, checkout and fulfillment. Shopify also supports sales through multiple channels, such as merchants' own websites, mobile devices, social media and third-party marketplaces.

Shopify was founded in 2006 by Tobias Lütke, Daniel Weinand and Scott Lake after the founders developed an online store for snowboarding equipment.

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