Patron Partners LLC Purchases Shares of 2,047 Shopify Inc. $SHOP

Key Points

• Patron Partners LLC has acquired 2,047 shares of Shopify Inc., valued at approximately $236,000, during the second quarter.
• Major institutional investors have increased their stakes in Shopify, with Nuveen LLC and Jennison Associates LLC among those making notable purchases in the first quarter.
• Shopify's stock has been rated with a consensus of "Moderate Buy" by analysts, with significant increases in price targets from various brokerages following strong earnings results.

Patron Partners LLC purchased a new stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 2,047 shares of the software maker's stock, valued at approximately $236,000.

Several other large investors also recently made changes to their positions in SHOP. Nuveen LLC acquired a new stake in shares of Shopify in the first quarter valued at approximately $667,392,000. Jennison Associates LLC increased its stake in shares of Shopify by 324.3% in the first quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker's stock valued at $504,209,000 after purchasing an additional 4,036,326 shares during the period. Canada Pension Plan Investment Board increased its stake in shares of Shopify by 34.4% in the first 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 during the period. Mackenzie Financial Corp increased its stake in shares of Shopify by 19.7% in the first 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 during the period. Finally, Alliancebernstein L.P. increased its stake in shares of Shopify by 24.6% in the first quarter. Alliancebernstein L.P. now owns 5,554,420 shares of the software maker's stock valued at $530,336,000 after purchasing an additional 1,094,840 shares during the period. Institutional investors and hedge funds own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SHOP. Truist Financial raised their price target on shares of Shopify from $95.00 to $150.00 and gave the company a "hold" rating in a research note on Thursday, August 7th. National Bankshares increased their price objective on shares of Shopify from $140.00 to $180.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. JPMorgan Chase & Co. increased their price objective on shares of Shopify from $115.00 to $179.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Needham & Company LLC initiated coverage on shares of Shopify in a report on Monday, July 14th. They issued a "buy" rating and a $135.00 price objective for the company. Finally, Benchmark reiterated a "buy" rating and issued a $140.00 price objective (up from $125.00) on shares of Shopify in a report on Tuesday, August 5th. Twenty-three research analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $151.69.

Shopify Stock Performance

Shares of NASDAQ:SHOP opened at $140.25 on Friday. The stock has a market capitalization of $182.28 billion, a price-to-earnings ratio of 78.35, a PEG ratio of 6.80 and a beta of 2.69. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $159.01. The company has a 50 day moving average price of $140.00 and a 200 day moving average price of $115.15.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last issued its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. The firm had revenue of $2.68 billion during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same period last year, the firm posted $0.26 earnings per share. On average, sell-side analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

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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