Korea Investment CORP Buys 12,553 Shares of Shopify Inc. $SHOP

Key Points

• Korea Investment CORP increased its stake in Shopify Inc. by 1.3%, purchasing an additional 12,553 shares, bringing its total holding to approximately 1,015,583 shares valued at $96,624,000.
• Shopify reported strong quarterly results, with earnings per share of $0.35 exceeding expectations and revenue of $2.68 billion, up 31.1% year-over-year.
• Analysts' price targets for Shopify have varied significantly, with Bank of America raising its target from $110 to $185, while Jefferies set a target of $110, indicating a consensus view of "Moderate Buy."

Korea Investment CORP grew its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 1.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,015,583 shares of the software maker's stock after purchasing an additional 12,553 shares during the period. Korea Investment CORP owned approximately 0.08% of Shopify worth $96,624,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Qtron Investments LLC lifted its stake in shares of Shopify by 5.7% during the 1st quarter. Qtron Investments LLC now owns 13,261 shares of the software maker's stock worth $1,261,000 after acquiring an additional 714 shares during the last quarter. Aptus Capital Advisors LLC lifted its stake in shares of Shopify by 22.3% during the 1st quarter. Aptus Capital Advisors LLC now owns 11,016 shares of the software maker's stock worth $1,052,000 after acquiring an additional 2,012 shares during the last quarter. Watts Gwilliam & Co. LLC lifted its stake in shares of Shopify by 35.0% during the 1st quarter. Watts Gwilliam & Co. LLC now owns 18,090 shares of the software maker's stock worth $1,727,000 after acquiring an additional 4,689 shares during the last quarter. Aviso Financial Inc. lifted its stake in shares of Shopify by 26.8% during the 1st quarter. Aviso Financial Inc. now owns 38,354 shares of the software maker's stock worth $3,650,000 after acquiring an additional 8,107 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Shopify by 14.1% during the 1st quarter. Northern Trust Corp now owns 1,909,712 shares of the software maker's stock worth $182,339,000 after acquiring an additional 236,677 shares during the last quarter. 69.27% of the stock is owned by institutional investors.

Shopify Stock Performance

Shares of NYSE SHOP opened at $141.47 on Monday. The company has a market cap of $183.54 billion, a PE ratio of 91.27, a P/E/G ratio of 4.82 and a beta of 2.63. The business has a 50-day simple moving average of $121.52 and a two-hundred day simple moving average of $109.02. Shopify Inc. has a fifty-two week low of $65.86 and a fifty-two week high of $156.85.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.06. The business had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a return on equity of 12.00% and a net margin of 22.74%. The company's quarterly revenue was up 31.1% on a year-over-year basis. During the same quarter last year, the company earned $0.26 earnings per share. On average, sell-side analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on SHOP shares. Jefferies Financial Group decreased their price target on Shopify from $130.00 to $110.00 and set a "hold" rating for the company in a research note on Monday, May 5th. DA Davidson raised their price target on Shopify from $125.00 to $185.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Wells Fargo & Company raised their price objective on Shopify from $107.00 to $125.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Citigroup raised their price objective on Shopify from $155.00 to $195.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Finally, Bank of America raised their price objective on Shopify from $110.00 to $185.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat, Shopify currently has an average rating of "Moderate Buy" and an average price target of $148.51.

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.

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