Nykredit A S Acquires New Position in Shopify Inc. $SHOP

Key Points

• Nykredit A/S acquired 297,200 Shopify shares during the second quarter, valued at approximately $33.99 million. Institutional investors own 69.27% of Shopify’s outstanding stock.
• Analysts maintain a generally positive outlook, with Shopify receiving a consensus “Moderate Buy” rating and an average price target of $171.34; recent targets include $180 from National Bank Financial and Canaccord Genuity.
• Shopify reported quarterly revenue of $3.58 billion, up 33.7% year over year, and adjusted earnings of $0.42 per share, exceeding consensus estimates of $0.40.

Nykredit A S acquired a new position in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 297,200 shares of the software maker's stock, valued at approximately $33,990,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SHOP. Norris Financial Group LLC acquired a new stake in Shopify in the first quarter worth about $1,586,000. Infusive Asset Management Inc. grew its position in Shopify by 27.4% during the 1st quarter. Infusive Asset Management Inc. now owns 43,611 shares of the software maker's stock worth $5,173,000 after purchasing an additional 9,374 shares during the last quarter. OMERS ADMINISTRATION Corp increased its stake in Shopify by 18.6% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 58,044 shares of the software maker's stock valued at $6,876,000 after purchasing an additional 9,096 shares in the last quarter. Ninepoint Partners LP acquired a new position in Shopify during the 2nd quarter valued at approximately $29,027,000. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Shopify by 8.5% in the first quarter. The Manufacturers Life Insurance Company now owns 8,418,903 shares of the software maker's stock worth $998,137,000 after buying an additional 660,198 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

SHOP has been the topic of several recent research reports. Rothschild & Co Redburn set a $130.00 price objective on shares of Shopify and gave the company a "neutral" rating in a report on Tuesday, July 21st. Weiss Ratings raised shares of Shopify from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, August 17th. Morgan Stanley downgraded shares of Shopify from an "overweight" rating to a "buy" rating in a research report on Monday, July 13th. National Bank Financial reiterated an "outperform" rating and set a $180.00 price objective (up from $155.00) on shares of Shopify in a research note on Wednesday, August 5th. Finally, Canaccord Genuity Group set a $180.00 price objective on Shopify and gave the company a "buy" rating in a research note on Wednesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, Shopify presently has a consensus rating of "Moderate Buy" and an average price target of $171.34.

Shopify Stock Performance

Shopify stock opened at $128.50 on Friday. The firm has a 50 day simple moving average of $136.53 and a 200-day simple moving average of $123.48. The stock has a market cap of $165.33 billion, a price-to-earnings ratio of 86.82, a price-to-earnings-growth ratio of 2.61 and a beta of 2.61. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.35 and a quick ratio of 5.35. Shopify Inc. has a 1-year low of $94.00 and a 1-year high of $182.19.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings results on Wednesday, August 5th. The software maker reported $0.42 earnings per share for the quarter, beating analysts' consensus estimates of $0.40 by $0.02. Shopify had a net margin of 14.53% and a return on equity of 12.58%. The business had revenue of $3.58 billion during the quarter. During the same quarter in the prior year, the business earned $0.69 earnings per share. Shopify's revenue was up 33.7% on a year-over-year basis. On average, analysts expect that Shopify Inc. will post 1.46 EPS for the current year.

About Shopify

Shopify Inc NASDAQ: SHOP is a commerce technology company that provides tools for businesses of various sizes to start, operate and grow retail operations. Its platform enables merchants to create and manage online stores, sell through social media and other digital channels, and support in-person sales through Shopify's point-of-sale solutions.

Shopify's products and services include online storefront and website-building tools, payment processing through Shopify Payments, point-of-sale hardware and software, inventory and order management, shipping and fulfillment tools, marketing features, analytics, and financing services for eligible merchants.

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