Northern Trust Corp Has $182.34 Million Stake in Shopify Inc. $SHOP

Key Points

• Northern Trust Corp increased its stake in Shopify Inc. by 14.1%, owning 1,909,712 shares valued at approximately $182.34 million.
• Shopify reported an earnings per share of $0.35, exceeding analysts' expectations of $0.29, with revenue of $2.68 billion for the quarter, up 31.1% year-over-year.
• Analysts have upgraded their price targets for Shopify, with National Bankshares setting a new target of $180.00 and most analysts rating the stock as a "Moderate Buy."

Northern Trust Corp boosted its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 14.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,909,712 shares of the software maker's stock after purchasing an additional 236,677 shares during the period. Northern Trust Corp owned about 0.15% of Shopify worth $182,339,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Fourth Dimension Wealth LLC acquired a new stake in Shopify during the 4th quarter worth about $30,000. Smithfield Trust Co grew its holdings in Shopify by 149.2% during the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock worth $30,000 after acquiring an additional 188 shares during the period. Dagco Inc. acquired a new stake in Shopify during the 1st quarter worth about $30,000. Cary Street Partners Investment Advisory LLC grew its holdings in Shopify by 86.8% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock worth $34,000 after acquiring an additional 165 shares during the period. Finally, Accent Capital Management LLC acquired a new stake in Shopify during the 1st quarter worth about $46,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Performance

Shares of NYSE SHOP opened at $136.68 on Friday. Shopify Inc. has a fifty-two week low of $65.86 and a fifty-two week high of $156.85. The stock has a market cap of $177.64 billion, a price-to-earnings ratio of 88.18, a PEG ratio of 4.82 and a beta of 2.63. The firm's 50-day simple moving average is $123.82 and its 200 day simple moving average is $109.76.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating 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 for the quarter, compared to analysts' expectations of $2.55 billion. During the same quarter last year, the firm earned $0.26 EPS. The firm's revenue for the quarter was up 31.1% compared to the same quarter last year. On average, sell-side analysts predict that Shopify Inc. will post 1.12 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on SHOP. National Bankshares increased their price target on Shopify from $140.00 to $180.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Robert W. Baird increased their price objective on shares of Shopify from $110.00 to $120.00 and gave the stock an "outperform" rating in a research report on Monday, July 14th. Wedbush increased their price objective on shares of Shopify from $115.00 to $160.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Cantor Fitzgerald reissued a "neutral" rating and set a $91.00 price objective on shares of Shopify in a research report on Wednesday, June 11th. Finally, Needham & Company LLC started coverage on shares of Shopify in a research report on Monday, July 14th. They set a "buy" rating and a $135.00 price objective on the stock. Twenty-four investment analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Shopify presently has an average rating of "Moderate Buy" and an average price target of $148.51.

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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