Next Century Growth Investors LLC Raises Stock Position in Shopify Inc. $SHOP

Key Points

• Next Century Growth Investors LLC increased its stake in Shopify Inc. by 91.7%, owning 47,519 shares valued at approximately $4.54 million following an additional purchase of 22,736 shares.
• Shopify reported a quarterly earnings per share (EPS) of $0.35, exceeding analyst expectations, with a revenue of $2.68 billion, reflecting a year-over-year growth of 31.1%.
• Analysts have increased their target prices for Shopify, with estimates ranging from $135.00 to $170.00, while the consensus rating remains a "Moderate Buy."

Next Century Growth Investors LLC raised its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 91.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 47,519 shares of the software maker's stock after buying an additional 22,736 shares during the period. Next Century Growth Investors LLC's holdings in Shopify were worth $4,537,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. OMERS ADMINISTRATION Corp grew its position in Shopify by 76.0% in the first quarter. OMERS ADMINISTRATION Corp now owns 115,660 shares of the software maker's stock worth $11,037,000 after acquiring an additional 49,946 shares in the last quarter. Orion Investment Co raised its position in Shopify by 19.3% during the first quarter. Orion Investment Co now owns 45,224 shares of the software maker's stock valued at $4,318,000 after purchasing an additional 7,310 shares in the last quarter. Truvestments Capital LLC lifted its stake in Shopify by 1,576.7% during the first quarter. Truvestments Capital LLC now owns 9,507 shares of the software maker's stock worth $908,000 after purchasing an additional 8,940 shares during the last quarter. Transamerica Financial Advisors LLC purchased a new position in shares of Shopify in the 1st quarter worth about $3,325,000. Finally, Ieq Capital LLC increased its position in shares of Shopify by 0.7% during the 1st quarter. Ieq Capital LLC now owns 34,071 shares of the software maker's stock valued at $3,253,000 after purchasing an additional 222 shares during the last quarter. 69.27% of the stock is owned by institutional investors.

Shopify Trading Down 0.7%

Shares of NYSE SHOP opened at $139.89 on Thursday. Shopify Inc. has a 12 month low of $65.86 and a 12 month high of $156.85. The firm has a market capitalization of $181.81 billion, a PE ratio of 90.25, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. The firm has a fifty day simple moving average of $126.56 and a two-hundred day simple moving average of $110.35.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping the consensus estimate of $0.29 by $0.06. Shopify had a net margin of 22.74% and a return on equity of 12.00%. The business had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same period in the prior year, the business earned $0.26 EPS. The company's revenue for the quarter was up 31.1% on a year-over-year basis. On average, sell-side analysts predict that Shopify Inc. will post 1.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on SHOP shares. Evercore ISI upped their target price on Shopify from $120.00 to $170.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Phillip Securities cut shares of Shopify from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, August 12th. TD Securities lifted their target price on shares of Shopify from $145.00 to $170.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Mizuho lifted their target price on shares of Shopify from $85.00 to $150.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Finally, Needham & Company LLC initiated coverage on shares of Shopify in a research report on Monday, July 14th. They issued a "buy" rating and a $135.00 target price on the stock. Twenty-four 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 stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $150.27.

Shopify 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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