Nykredit A S Invests $41.96 Million in Shopify Inc. $SHOP

Key Points

• Nykredit A/S acquired a new Shopify stake of 366,880 shares valued at approximately $41.96 million during the second quarter. Institutional investors and hedge funds collectively own 69.27% of Shopify.
• Analyst sentiment remains positive, with Shopify holding a consensus rating of “Moderate Buy” and an average price target of $170.84; several firms set targets between $175 and $180.
• Shopify reported quarterly revenue of $3.58 billion, up 33.7% year over year, and adjusted earnings of $0.42 per share, exceeding analyst estimates of $0.40.

Nykredit A S bought a new stake in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 366,880 shares of the software maker's stock, valued at approximately $41,959,000.

Several other large investors have also recently made changes to their positions in SHOP. Norges Bank acquired a new position in Shopify in the 4th quarter worth about $2,611,797,000. Sands Capital Management LLC lifted its position in shares of Shopify by 37.0% during the 4th quarter. Sands Capital Management LLC now owns 9,506,036 shares of the software maker's stock valued at $1,530,187,000 after buying an additional 2,568,765 shares in the last quarter. Invesco Ltd. lifted its position in shares of Shopify by 9.8% during the 4th quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker's stock valued at $2,257,796,000 after buying an additional 1,252,074 shares in the last quarter. Thrivent Financial for Lutherans grew its stake in Shopify by 7,207.2% in the 4th quarter. Thrivent Financial for Lutherans now owns 1,148,259 shares of the software maker's stock valued at $184,883,000 after acquiring an additional 1,132,545 shares during the period. Finally, Select Equity Group L.P. grew its stake in Shopify by 92.5% in the 2nd quarter. Select Equity Group L.P. now owns 2,246,473 shares of the software maker's stock valued at $259,124,000 after acquiring an additional 1,079,494 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SHOP. Wells Fargo & Company restated an "overweight" rating and set a $180.00 price objective (up from $144.00) on shares of Shopify in a research report on Friday, August 7th. DZ Bank lowered shares of Shopify from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 7th. Canaccord Genuity Group set a $180.00 target price on shares of Shopify and gave the stock a "buy" rating in a research note on Wednesday, August 5th. Rosenblatt Securities began coverage on shares of Shopify in a research report on Thursday, August 20th. They set a "buy" rating and a $175.00 price target for the company. Finally, Truist Financial set a $180.00 price target on shares of Shopify and gave the company a "buy" rating in a research note on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, Shopify has an average rating of "Moderate Buy" and a consensus target price of $170.84.

Shopify Stock Up 2.8%

NASDAQ SHOP opened at $145.88 on Friday. The business has a fifty day moving average price of $133.64 and a 200 day moving average price of $122.54. Shopify Inc. has a one year low of $94.00 and a one year high of $182.19. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.35 and a current ratio of 5.35. The company has a market cap of $187.70 billion, a P/E ratio of 98.57, a P/E/G ratio of 2.90 and a beta of 2.61.

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

About Shopify

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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