Neuberger Berman Group LLC Acquires 146,640 Shares of Shopify Inc. (NYSE:SHOP)

Key Points

• Neuberger Berman Group LLC increased its stake in Shopify Inc. by 44.1%, acquiring an additional 146,640 shares, bringing their total holdings to 478,839 shares valued at approximately $45.7 million.
• Analysts have set a range of price targets for Shopify, with JPMorgan increasing their target to $179 and Scotiabank revising theirs to $150, indicating a consensus average price target of $148.51.
• Shopify reported a 31.1% year-over-year increase in revenue, achieving $2.68 billion in the latest quarter, along with earnings per share of $0.35, surpassing analyst expectations.

Neuberger Berman Group LLC lifted its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 44.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 478,839 shares of the software maker's stock after purchasing an additional 146,640 shares during the quarter. Neuberger Berman Group LLC's holdings in Shopify were worth $45,657,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Capital World Investors grew its position in Shopify by 0.9% in the fourth quarter. Capital World Investors now owns 53,102,707 shares of the software maker's stock valued at $5,646,455,000 after acquiring an additional 496,982 shares during the period. Vanguard Group Inc. grew its position in Shopify by 1.9% in the first 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 during the period. Capital International Investors grew its position in Shopify by 2.7% in the fourth quarter. Capital International Investors now owns 36,516,305 shares of the software maker's stock valued at $3,883,039,000 after acquiring an additional 968,026 shares during the period. Mackenzie Financial Corp grew its position in 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 acquiring an additional 1,426,406 shares during the period. Finally, Nuveen LLC bought a new stake in Shopify in the first quarter valued at $667,392,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Performance

Shopify stock traded down $2.80 during midday trading on Friday, reaching $141.47. The stock had a trading volume of 7,196,217 shares, compared to its average volume of 10,474,101. The firm's fifty day simple moving average is $121.52 and its 200-day simple moving average is $109.14. The stock has a market capitalization of $183.54 billion, a P/E ratio of 91.27, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 1-year low of $65.86 and a 1-year high of $156.85.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. The firm 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 business's revenue was up 31.1% compared to the same quarter last year. During the same period last year, the company earned $0.26 earnings per share. On average, sell-side analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently commented on SHOP. Evercore ISI increased their target price on Shopify from $120.00 to $170.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. TD Securities increased their target price on Shopify from $145.00 to $170.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. UBS Group increased their target price on Shopify from $110.00 to $145.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Cantor Fitzgerald restated a "neutral" rating and set a $91.00 target price on shares of Shopify in a report on Wednesday, June 11th. Finally, Robert W. Baird increased their target price on Shopify from $110.00 to $120.00 and gave the stock an "outperform" rating in a report on Monday, July 14th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating and twenty-four have given a buy rating to the company's stock. According to MarketBeat, Shopify has an average rating of "Moderate Buy" and an average price target of $148.51.

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.