NEOS Investment Management LLC Grows Stock Position in Shopify Inc. $SHOP

Key Points

• NEOS Investment Management increased its Shopify position by 10.9% in the second quarter, owning 737,600 shares worth approximately $84.2 million. Institutional investors collectively hold 69.27% of Shopify’s outstanding stock.
• Shopify reported quarterly revenue of $3.58 billion, up 33.7% year over year, and adjusted earnings of $0.42 per share, exceeding analysts’ $0.40 estimate.
• Analysts remain broadly bullish, with Shopify carrying a “Moderate Buy” consensus rating and an average price target of $170.84; shares recently traded at $145.88.

NEOS Investment Management LLC raised its position in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 10.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 737,600 shares of the software maker's stock after buying an additional 72,269 shares during the quarter. NEOS Investment Management LLC owned about 0.06% of Shopify worth $84,219,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in SHOP. Norges Bank bought a new position in shares of Shopify during the 4th quarter worth $2,611,797,000. Invesco Ltd. raised its stake in Shopify by 9.8% in the 4th quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker's stock valued at $2,257,796,000 after acquiring an additional 1,252,074 shares during the period. Geode Capital Management LLC raised its stake in Shopify by 6.2% in the 4th quarter. Geode Capital Management LLC now owns 12,601,476 shares of the software maker's stock valued at $2,043,365,000 after acquiring an additional 737,892 shares during the period. Mackenzie Financial Corp lifted its holdings in Shopify by 9.1% during the fourth quarter. Mackenzie Financial Corp now owns 9,961,097 shares of the software maker's stock valued at $1,627,352,000 after purchasing an additional 827,643 shares during the last quarter. Finally, Sands Capital Management LLC lifted its holdings in Shopify by 37.0% during the fourth quarter. Sands Capital Management LLC now owns 9,506,036 shares of the software maker's stock valued at $1,530,187,000 after purchasing an additional 2,568,765 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Stock Up 2.8%

Shares of NASDAQ SHOP opened at $145.88 on Friday. The company has a quick ratio of 5.35, a current ratio of 5.35 and a debt-to-equity ratio of 0.01. The company has a market cap of $187.70 billion, a P/E ratio of 98.57, a P/E/G ratio of 2.90 and a beta of 2.61. Shopify Inc. has a 52 week low of $94.00 and a 52 week high of $182.19. The business has a 50-day simple moving average of $133.64 and a two-hundred day simple moving average of $122.54.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings results on Wednesday, August 5th. The software maker reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.02. Shopify had a return on equity of 12.58% and a net margin of 14.53%.The firm had revenue of $3.58 billion for the quarter. During the same quarter in the prior year, the company earned $0.69 earnings per share. The company's quarterly revenue was up 33.7% on a year-over-year basis. Research analysts anticipate that Shopify Inc. will post 1.45 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SHOP has been the subject of a number of research reports. DA Davidson set a $200.00 target price on shares of Shopify and gave the stock a "buy" rating in a research report on Thursday, August 6th. Morgan Stanley lowered shares of Shopify from an "overweight" rating to a "buy" rating in a research report on Monday, July 13th. Wedbush upped their price target on shares of Shopify from $155.00 to $176.00 and gave the company an "outperform" rating in a research note on Thursday, August 6th. National Bank Financial reaffirmed an "outperform" rating and issued a $180.00 price objective (up from $155.00) on shares of Shopify in a report on Wednesday, August 5th. Finally, Weiss Ratings upgraded shares of Shopify from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $170.84.

Shopify Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.

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