Plato Investment Management Ltd Has $4 Million Stake in Shopify Inc. $SHOP

Key Points

• Plato Investment Management Ltd has reduced its stake in Shopify Inc. by 20.6%, resulting in ownership of 41,475 shares valued at approximately $4 million.
• Analyst ratings for Shopify see an upgrade in price targets, with JPMorgan Chase raising theirs from $115 to $179, indicating strong confidence in the stock.
• Shopify reported strong quarterly earnings of $0.35 EPS, exceeding estimates, with a notable year-over-year revenue increase of 31.1%.

Plato Investment Management Ltd decreased its stake in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 20.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 41,475 shares of the software maker's stock after selling 10,788 shares during the quarter. Plato Investment Management Ltd's holdings in Shopify were worth $3,999,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Brighton Jones LLC grew its holdings in shares of Shopify by 2.8% during the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock worth $2,252,000 after purchasing an additional 584 shares in the last quarter. LRI Investments LLC boosted its stake in Shopify by 9.8% during the fourth quarter. LRI Investments LLC now owns 889 shares of the software maker's stock worth $94,000 after buying an additional 79 shares in the last quarter. Moore Capital Management LP boosted its stake in Shopify by 129.4% during the fourth quarter. Moore Capital Management LP now owns 20,255 shares of the software maker's stock worth $2,154,000 after buying an additional 11,424 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Shopify by 2.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 683,412 shares of the software maker's stock valued at $72,669,000 after buying an additional 17,591 shares during the period. Finally, Napa Wealth Management acquired a new position in shares of Shopify in the 4th quarter valued at $982,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Analyst Upgrades and Downgrades

SHOP has been the subject of a number of analyst reports. Scotiabank reaffirmed a "sector perform" rating and set a $150.00 price objective (up from $115.00) on shares of Shopify in a report on Thursday, August 7th. Barclays raised their price target on shares of Shopify from $94.00 to $120.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 7th. JPMorgan Chase & Co. lifted their price objective on Shopify from $115.00 to $179.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. BMO Capital Markets upped their price objective on Shopify from $120.00 to $180.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Finally, Phillip Securities cut Shopify from a "moderate buy" rating to a "hold" rating in a report on Tuesday, August 12th. Twenty-four analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Shopify presently has a consensus rating of "Moderate Buy" and a consensus target price of $150.27.

Shopify Price Performance

NASDAQ SHOP opened at $143.44 on Wednesday. The stock's 50 day simple moving average is $132.15 and its 200 day simple moving average is $111.40. Shopify Inc. has a one year low of $66.95 and a one year high of $156.85. The firm has a market cap of $186.42 billion, a PE ratio of 80.13, a price-to-earnings-growth ratio of 6.93 and a beta of 2.69.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings data 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. The firm had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The business's revenue for the quarter was up 31.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.26 EPS. As a group, equities analysts expect that Shopify Inc. will post 1.12 earnings per share for the current 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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