Optas LLC Takes Position in Shopify Inc. $SHOP

Key Points

• Optas LLC has recently acquired a stake in Shopify Inc. (NASDAQ: SHOP), buying 1,778 shares valued at approximately $205,000.
• Several institutional investors, including Vanguard Group and Mackenzie Financial Corp, have increased their stakes in Shopify during the 1st quarter of 2023, contributing to a total institutional ownership of 69.27%.
• Shopify's stock performance has been strong, as the company reported $2.68 billion in revenue for the last quarter, exceeding analyst expectations, with a net margin of 23.42%.

Optas LLC acquired a new stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 1,778 shares of the software maker's stock, valued at approximately $205,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. increased its stake in Shopify by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker's stock valued at $4,563,106,000 after purchasing an additional 882,168 shares in the last quarter. Mackenzie Financial Corp increased its stake in Shopify by 19.7% during the 1st quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock valued at $822,745,000 after purchasing an additional 1,426,406 shares in the last quarter. Nuveen LLC bought a new stake in Shopify during the 1st quarter valued at $667,392,000. Canada Pension Plan Investment Board increased its stake in Shopify by 34.4% during the 1st quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker's stock valued at $565,504,000 after purchasing an additional 1,522,573 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in Shopify by 21.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker's stock valued at $539,382,000 after purchasing an additional 979,598 shares in the last quarter. Institutional investors own 69.27% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on SHOP. BMO Capital Markets boosted their price target on shares of Shopify from $120.00 to $180.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Benchmark restated a "buy" rating and set a $140.00 price target (up previously from $125.00) on shares of Shopify in a research note on Tuesday, August 5th. ATB Capital lowered shares of Shopify to a "sector perform" rating in a research note on Thursday, August 7th. TD Securities boosted their price target on shares of Shopify from $130.00 to $156.00 and gave the stock a "hold" rating in a report on Friday, October 3rd. Finally, Evercore ISI upped their price objective on shares of Shopify from $120.00 to $170.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Twenty-two analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $151.95.

Shopify Stock Performance

SHOP opened at $151.02 on Friday. The firm has a market cap of $196.27 billion, a P/E ratio of 84.37, a PEG ratio of 7.67 and a beta of 2.72. The firm has a 50-day moving average of $146.61 and a 200 day moving average of $119.06. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $169.69.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted 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. The company had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The firm's revenue for the quarter was up 31.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.26 earnings per share. Equities research analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Shopify Company 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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