Jacobs & Co. CA Makes New $285,000 Investment in Shopify Inc. $SHOP

Key Points

• Jacobs & Co. CA invested approximately $285,000 in Shopify Inc. by purchasing 2,478 shares in the second quarter, according to its recent SEC filing.
• Shopify's quarterly earnings surpassed expectations, reporting $0.35 EPS on revenues of $2.68 billion, which is 31.1% higher than the previous year.
• Analysts display a positive outlook with a consensus rating of "Moderate Buy" for Shopify, alongside a price target increase from various firms, with Citigroup raising it to $195.00.

Jacobs & Co. CA purchased a new position in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,478 shares of the software maker's stock, valued at approximately $285,000.

A number of other large investors have also bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Shopify by 1.9% in the first quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker's stock worth $4,563,106,000 after purchasing an additional 882,168 shares during the period. Mackenzie Financial Corp grew its holdings in Shopify by 19.7% in the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock worth $822,745,000 after purchasing an additional 1,426,406 shares during the period. Nuveen LLC acquired a new stake in Shopify in the first quarter worth $667,392,000. Canada Pension Plan Investment Board grew its holdings in Shopify by 34.4% in the first quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker's stock worth $565,504,000 after purchasing an additional 1,522,573 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its stake in shares of Shopify by 21.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker's stock valued at $539,382,000 after buying an additional 979,598 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have weighed in on SHOP. CIBC raised their price objective on shares of Shopify from $145.00 to $185.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. ATB Capital lowered shares of Shopify to a "sector perform" rating in a research note on Thursday, August 7th. Citigroup raised their price objective on shares of Shopify from $155.00 to $195.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Arete Research raised shares of Shopify to a "hold" rating in a research note on Wednesday, July 23rd. Finally, Robert W. Baird raised their price objective on shares of Shopify from $110.00 to $120.00 and gave the company an "outperform" rating in a research note on Monday, July 14th. Twenty-four investment analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $150.27.

Shopify Price Performance

SHOP opened at $143.38 on Friday. The company's 50-day moving average is $133.77 and its 200 day moving average is $112.04. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $156.85. The firm has a market capitalization of $186.35 billion, a P/E ratio of 80.10, a PEG 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, topping the consensus estimate of $0.29 by $0.06. The business had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The company's revenue for the quarter was up 31.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.26 earnings per share. On average, equities research analysts expect that Shopify Inc. will post 1.12 earnings per share for the current 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.

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.