Pembroke Management LTD Acquires 6,188 Shares of Shopify Inc. $SHOP

Key Points

• Pembroke Management LTD increased its stake in Shopify Inc. by 172.4%, acquiring an additional 6,188 shares, totaling 9,777 shares worth approximately $934,000.
• Shopify reported $2.68 billion in revenue for the quarter, surpassing analyst expectations and showing a 31.1% year-over-year growth. Earnings per share came in at $0.35, beating the consensus estimate.
• Recent analyst ratings include a price target from UBS Group raised to $145.00 and a sector perform rating from Scotiabank, which lifted its target to $150.00, indicating positive sentiment towards the stock.

Pembroke Management LTD boosted its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 172.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,777 shares of the software maker's stock after purchasing an additional 6,188 shares during the period. Pembroke Management LTD's holdings in Shopify were worth $934,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Fourth Dimension Wealth LLC bought a new stake in Shopify in the fourth quarter worth $30,000. Smithfield Trust Co lifted its stake in Shopify by 149.2% in the first 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 last quarter. Dagco Inc. bought a new stake in Shopify in the first quarter worth $30,000. Cary Street Partners Investment Advisory LLC lifted its stake in 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 purchasing an additional 165 shares during the last quarter. Finally, Accent Capital Management LLC bought a new stake in Shopify in the first quarter worth $46,000. 69.27% of the stock is owned by institutional investors.

Shopify Price Performance

Shares of NYSE SHOP opened at $141.54 on Friday. Shopify Inc. has a 1 year low of $65.86 and a 1 year high of $156.85. The company's 50-day moving average is $127.27 and its 200 day moving average is $110.50. The stock has a market capitalization of $183.95 billion, a P/E ratio of 91.32, a P/E/G ratio of 4.82 and a beta of 2.63.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.06. Shopify had a net margin of 22.74% and a return on equity of 12.00%. The company had revenue of $2.68 billion for the quarter, compared to analysts' expectations of $2.55 billion. During the same quarter in the previous year, the company earned $0.26 earnings per share. Shopify's quarterly revenue was up 31.1% on a year-over-year basis. Research analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current year.

Wall Street Analyst Weigh In

SHOP has been the subject of several recent research reports. UBS Group boosted their price target on shares of Shopify from $110.00 to $145.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Scotiabank restated a "sector perform" rating and issued a $150.00 price objective (up previously from $115.00) on shares of Shopify in a research report on Thursday, August 7th. Arete restated a "neutral" rating on shares of Shopify in a research report on Wednesday, July 23rd. Phillip Securities cut shares of Shopify from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, August 12th. Finally, Loop Capital cut shares of Shopify from a "buy" rating to a "hold" rating and set a $120.00 price objective on the stock. in a research report on Tuesday, July 22nd. Twenty-four equities research analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Shopify currently has an average rating of "Moderate Buy" and an average price target of $150.27.

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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