Ninepoint Partners LP Acquires New Shares in Shopify Inc. $SHOP

Key Points

• Ninepoint Partners LP acquired 254,222 Shopify shares during the second quarter, valued at approximately $29 million. Shopify now represents 2.2% of the firm’s portfolio and is its 10th-largest holding.
• Institutional investors own 69.27% of Shopify, with several funds increasing their positions. The stock opened at $147.18, above its 50-day and 200-day moving averages.
• Shopify exceeded quarterly EPS estimates with $0.42 versus $0.40 expected, while revenue rose 33.7% year over year to $3.58 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $170.84.

Ninepoint Partners LP bought a new stake in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 254,222 shares of the software maker's stock, valued at approximately $29,027,000. Shopify comprises 2.2% of Ninepoint Partners LP's investment portfolio, making the stock its 10th largest holding.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Brighton Jones LLC lifted its holdings in shares of Shopify by 2.8% during the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock valued at $2,252,000 after purchasing an additional 584 shares in the last quarter. AQR Capital Management LLC increased its holdings in Shopify by 107.3% in the 1st quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker's stock worth $1,392,000 after buying an additional 7,544 shares in the last quarter. Sivia Capital Partners LLC increased its holdings in Shopify by 6.6% in the 2nd quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker's stock worth $945,000 after buying an additional 506 shares in the last quarter. Osterweis Capital Management Inc. purchased a new position in Shopify in the 2nd quarter worth about $53,000. Finally, Main Street Financial Solutions LLC raised its position in Shopify by 15.3% in the 2nd quarter. Main Street Financial Solutions LLC now owns 11,131 shares of the software maker's stock worth $1,284,000 after buying an additional 1,479 shares during the last quarter. Institutional investors own 69.27% of the company's stock.

Shopify Price Performance

NASDAQ SHOP opened at $147.18 on Friday. The company has a 50-day moving average price of $125.96 and a 200-day moving average price of $120.36. Shopify Inc. has a 52 week low of $94.00 and a 52 week high of $182.19. 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 firm has a market capitalization of $189.37 billion, a P/E ratio of 99.45, a PEG ratio of 2.99 and a beta of 2.58.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings data on Wednesday, August 5th. The software maker reported $0.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.40 by $0.02. The company had revenue of $3.58 billion for the quarter. Shopify had a net margin of 14.53% and a return on equity of 12.58%. The business's quarterly revenue was up 33.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.69 EPS. Equities research analysts anticipate that Shopify Inc. will post 1.45 earnings per share for the current year.

Analyst Upgrades and Downgrades

SHOP has been the topic of a number of recent analyst reports. Zacks Research downgraded shares of Shopify from a "strong-buy" rating to a "hold" rating in a report on Friday, August 7th. Truist Financial set a $180.00 price objective on shares of Shopify and gave the company a "buy" rating in a report on Wednesday, August 5th. DZ Bank downgraded shares of Shopify from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 7th. Weiss Ratings upgraded shares of Shopify from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday. Finally, Jefferies Financial Group reiterated a "buy" rating and set a $175.00 target price on shares of Shopify in a research note on Wednesday, August 5th. Thirty-six investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $170.84.

Shopify Company 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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