OMERS ADMINISTRATION Corp Purchases 49,946 Shares of Shopify Inc. $SHOP

Key Points

• OMERS ADMINISTRATION Corp increased its stake in Shopify by 76% during Q1, acquiring nearly 50,000 additional shares, which brings its total holdings to approximately $11 million.
• Shopify recently reported $0.35 earnings per share for the last quarter, beating estimates of $0.29, and saw a 31.1% increase in revenue year-over-year, reaching $2.68 billion.
• Analysts are mixed on Shopify's future, with price targets ranging from $120 to $185, and a consensus rating of "Moderate Buy" reflecting ongoing interest from institutional investors.

OMERS ADMINISTRATION Corp lifted its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 76.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 115,660 shares of the software maker's stock after acquiring an additional 49,946 shares during the quarter. OMERS ADMINISTRATION Corp's holdings in Shopify were worth $11,037,000 as of its most recent filing with the Securities & Exchange Commission.

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

Analysts Set New Price Targets

Several analysts have commented on SHOP shares. Loop Capital cut shares of Shopify from a "buy" rating to a "hold" rating and set a $120.00 price target on the stock. in a research note on Tuesday, July 22nd. Mizuho lifted their price objective on shares of Shopify from $85.00 to $150.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Wedbush upped their target price on Shopify from $115.00 to $160.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. DA Davidson lifted their price objective on shares of Shopify from $125.00 to $185.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Finally, Capital One Financial raised Shopify from an "equal weight" rating to an "overweight" rating in a research report on Thursday, May 8th. Twenty-four equities research analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $150.27.

Shopify Stock Performance

Shares of SHOP opened at $139.89 on Thursday. The stock has a 50-day moving average of $126.56 and a two-hundred day moving average of $110.35. The stock has a market cap of $181.81 billion, a P/E ratio of 90.25, a P/E/G ratio of 4.82 and a beta of 2.63. Shopify Inc. has a one year low of $65.86 and a one year high of $156.85.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.06. Shopify had a return on equity of 12.00% and a net margin of 22.74%.The firm had revenue of $2.68 billion during the quarter, compared to analysts' expectations of $2.55 billion. During the same period last year, the business posted $0.26 earnings per share. The company's revenue for the quarter was up 31.1% compared to the same quarter last year. Analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Shopify Profile

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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