Lansforsakringar Fondforvaltning AB publ Has $25.67 Million Stock Position in Shopify Inc. $SHOP

Key Points

• Lansforsakringar Fondforvaltning AB publ reduced its holdings in Shopify by 2.1%, now owning 269,844 shares valued at approximately $25.67 million.
• Shopify reported a revenue increase of 31.1% year-over-year, with earnings per share (EPS) of $0.35 surpassing analysts' expectations.
• Research analysts have raised their target prices for Shopify, with Canaccord Genuity increasing it to $165.00 and JMP Securities to $185.00, indicating strong market confidence.

Lansforsakringar Fondforvaltning AB publ reduced its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 2.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 269,844 shares of the software maker's stock after selling 5,926 shares during the period. Lansforsakringar Fondforvaltning AB publ's holdings in Shopify were worth $25,667,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in Shopify by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker's stock valued at $4,563,106,000 after acquiring an additional 882,168 shares in the last quarter. Mackenzie Financial Corp raised its holdings in shares of Shopify by 19.7% in the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock valued at $822,745,000 after purchasing an additional 1,426,406 shares during the last quarter. Nuveen LLC bought a new stake in shares of Shopify in the first quarter worth $667,392,000. Massachusetts Financial Services Co. MA lifted its position 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 worth $539,382,000 after purchasing an additional 979,598 shares in the last quarter. Finally, Jennison Associates LLC boosted its holdings in Shopify by 324.3% during the first quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker's stock worth $504,209,000 after purchasing an additional 4,036,326 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. BNP Paribas lowered shares of Shopify from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 5th. KeyCorp restated an "overweight" rating and issued a $175.00 price objective (up previously from $145.00) on shares of Shopify in a report on Thursday, August 7th. DA Davidson lifted their target price on Shopify from $125.00 to $185.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. JPMorgan Chase & Co. increased their price target on Shopify from $115.00 to $179.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Finally, TD Securities boosted their price target on Shopify from $145.00 to $170.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Twenty-four research analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $150.27.

Shopify Price Performance

NYSE SHOP traded down $0.26 during trading on Monday, reaching $141.28. 4,608,869 shares of the company's stock were exchanged, compared to its average volume of 10,176,762. The business has a 50 day moving average price of $127.97 and a 200-day moving average price of $110.43. The stock has a market capitalization of $183.62 billion, a P/E ratio of 91.15, a PEG ratio of 4.82 and a beta of 2.63. 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 released its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. The company had revenue of $2.68 billion during the quarter, compared to analysts' expectations of $2.55 billion. Shopify had a return on equity of 12.00% and a net margin of 22.74%.The business's revenue was up 31.1% on a year-over-year basis. During the same period last year, the firm posted $0.26 earnings per share. On average, analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current year.

Shopify Company 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.