Northwest & Ethical Investments L.P. Acquires 46,074 Shares of Shopify Inc. (NYSE:SHOP)

Key Points

• Northwest & Ethical Investments L.P. increased its shares in Shopify Inc. by 28.1%, acquiring an additional 46,074 shares, bringing its total holdings to 210,029 shares valued at approximately $19.99 million.
• Shopify reported a 31.1% year-over-year revenue increase in its latest earnings report, with earnings per share at $0.35, surpassing analyst expectations of $0.29.
• Wall Street analysts have raised their target prices for Shopify, with CIBC leading by increasing its target from $145 to $185, amid a general consensus rating of "Moderate Buy" for the stock.

Northwest & Ethical Investments L.P. grew its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 28.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 210,029 shares of the software maker's stock after purchasing an additional 46,074 shares during the period. Northwest & Ethical Investments L.P.'s holdings in Shopify were worth $19,999,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Steward Partners Investment Advisory LLC boosted its stake in shares of Shopify by 3.0% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 38,446 shares of the software maker's stock worth $3,715,000 after buying an additional 1,104 shares during the last quarter. Oder Investment Management LLC boosted its stake in shares of Shopify by 10.1% in the 1st quarter. Oder Investment Management LLC now owns 15,307 shares of the software maker's stock worth $1,462,000 after buying an additional 1,399 shares during the last quarter. Wealthedge Investment Advisors LLC purchased a new position in shares of Shopify in the 1st quarter worth $288,000. Nations Financial Group Inc. IA ADV boosted its stake in shares of Shopify by 5.7% in the 1st quarter. Nations Financial Group Inc. IA ADV now owns 5,239 shares of the software maker's stock worth $500,000 after buying an additional 284 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of Shopify by 31.4% in the 1st quarter. American Century Companies Inc. now owns 1,923,082 shares of the software maker's stock worth $183,347,000 after buying an additional 459,523 shares during the last quarter. Institutional investors own 69.27% of the company's stock.

Shopify Trading Down 1.9%

Shares of SHOP opened at $141.47 on Friday. The stock has a fifty day moving average price of $121.52 and a 200-day moving average price of $109.09. Shopify Inc. has a 12 month low of $65.86 and a 12 month high of $156.85. The firm has a market cap of $183.54 billion, a PE ratio of 91.27, a P/E/G ratio of 4.82 and a beta of 2.63.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released its quarterly earnings data 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. Shopify had a return on equity of 12.00% and a net margin of 22.74%. The business had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same quarter last year, the business posted $0.26 EPS. The company's revenue was up 31.1% on a year-over-year basis. As a group, research analysts forecast that Shopify Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several analyst reports. ATB Capital downgraded Shopify to a "sector perform" rating in a research report on Thursday, August 7th. CIBC lifted their target price on Shopify from $145.00 to $185.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Canaccord Genuity Group lifted their target price on Shopify from $115.00 to $165.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Royal Bank Of Canada lifted their target price on Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Finally, JPMorgan Chase & Co. lifted their target price on Shopify from $115.00 to $179.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating and twenty-four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price 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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