Lbp Am Sa Trims Stake in Shopify Inc. $SHOP

Key Points

• Lbp Am Sa reduced its stake in Shopify Inc. by 21.3% in Q2, selling 40,000 shares, bringing its total holdings to 147,793 shares valued at approximately $17 million.
• In recent evaluations, several analysts increased their price targets for Shopify, with TD Securities raising it from $145 to $170, indicating overall strong market confidence in the company.
• Shopify reported a 31.1% increase in year-over-year revenue for Q2, achieving $2.68 billion, while EPS exceeded expectations at $0.35 compared to the consensus of $0.29.

Lbp Am Sa lowered its stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 21.3% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 147,793 shares of the software maker's stock after selling 40,000 shares during the quarter. Lbp Am Sa's holdings in Shopify were worth $17,048,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. 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 buying an additional 882,168 shares in the last quarter. Mackenzie Financial Corp lifted its stake in Shopify by 19.7% in the 1st quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock valued at $822,745,000 after buying an additional 1,426,406 shares in the last quarter. Nuveen LLC purchased a new stake in Shopify in the 1st quarter valued at approximately $667,392,000. Canada Pension Plan Investment Board lifted its stake in Shopify by 34.4% in the 1st quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker's stock valued at $565,504,000 after buying an additional 1,522,573 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in Shopify by 21.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker's stock valued at $539,382,000 after acquiring an additional 979,598 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. TD Securities boosted their price target on Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. DA Davidson boosted their price target on Shopify from $125.00 to $185.00 and gave the company a "buy" rating in a report on Thursday, August 7th. BMO Capital Markets boosted their price target on Shopify from $120.00 to $180.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Evercore ISI boosted their price target on Shopify from $120.00 to $170.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Finally, Arete reiterated a "neutral" rating on shares of Shopify in a report on Wednesday, July 23rd. Twenty-three investment analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Shopify has an average rating of "Moderate Buy" and an average target price of $150.83.

Shopify Stock Down 0.2%

SHOP stock opened at $148.67 on Wednesday. The company has a market cap of $193.22 billion, a price-to-earnings ratio of 83.06, a PEG ratio of 7.06 and a beta of 2.69. The business has a fifty day simple moving average of $140.91 and a 200-day simple moving average of $116.06. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $159.01.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last released its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping analysts' consensus estimates 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 12.30% and a net margin of 23.42%.The business's revenue for the quarter was up 31.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.26 EPS. As a group, analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal 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.

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