M1 Capital Management LLC Buys New Shares in Shopify Inc. $SHOP

Key Points

• M1 Capital Management LLC acquired a new stake in Shopify, purchasing 2,160 shares valued around $249,000 in the 2nd quarter.
• Shopify reported a 31.1% increase in quarterly revenue year-over-year, reaching $2.68 billion, and exceeded earnings estimates with an EPS of $0.35.
• Analysts have mixed ratings for Shopify, with a consensus price target of $151.95 and a majority rating it as a "hold."

M1 Capital Management LLC bought a new stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 2,160 shares of the software maker's stock, valued at approximately $249,000.

Other hedge funds have also made changes to their positions in the company. Brighton Jones LLC lifted its stake in Shopify by 2.8% during the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock worth $2,252,000 after purchasing an additional 584 shares during the period. Farther Finance Advisors LLC lifted its stake in Shopify by 7.6% during the first quarter. Farther Finance Advisors LLC now owns 13,864 shares of the software maker's stock worth $1,354,000 after purchasing an additional 977 shares during the period. GAMMA Investing LLC lifted its stake in Shopify by 80.0% during the first quarter. GAMMA Investing LLC now owns 963 shares of the software maker's stock worth $92,000 after purchasing an additional 428 shares during the period. Accurate Wealth Management LLC lifted its stake in Shopify by 4.0% during the first quarter. Accurate Wealth Management LLC now owns 3,408 shares of the software maker's stock worth $325,000 after purchasing an additional 131 shares during the period. Finally, Integrated Advisors Network LLC lifted its stake in Shopify by 36.4% during the first quarter. Integrated Advisors Network LLC now owns 15,425 shares of the software maker's stock worth $1,473,000 after purchasing an additional 4,117 shares during the period. Institutional investors own 69.27% of the company's stock.

Shopify Stock Performance

SHOP opened at $163.87 on Friday. The company has a fifty day moving average price of $145.96 and a two-hundred day moving average price of $118.77. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $169.69. The firm has a market capitalization of $212.98 billion, a PE ratio of 91.55, a P/E/G ratio of 7.79 and a beta of 2.72.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last released its earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The firm had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same quarter in the previous year, the business earned $0.26 EPS. The business's quarterly revenue was up 31.1% compared to the same quarter last year. Equities analysts forecast that Shopify Inc. will post 1.12 EPS for the current year.

Analyst Ratings Changes

SHOP has been the subject of a number of analyst reports. DA Davidson raised their price target on shares of Shopify from $125.00 to $185.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. TD Cowen reiterated a "hold" rating and issued a $156.00 target price on shares of Shopify in a research note on Friday, October 3rd. Zacks Research upgraded shares of Shopify to a "hold" rating in a research note on Tuesday, August 12th. Cantor Fitzgerald set a $156.00 target price on shares of Shopify and gave the company a "neutral" rating in a research note on Wednesday, August 27th. Finally, Benchmark reiterated a "buy" rating and issued a $140.00 target price (up previously from $125.00) on shares of Shopify in a research note on Tuesday, August 5th. Twenty-two analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Shopify has an average rating of "Hold" and a consensus price target of $151.95.

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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