Plato Investment Management Ltd Makes New $3.02 Million Investment in Shopify Inc. $SHOP

Key Points

• Plato Investment Management purchased 26,533 Shopify shares worth approximately $3.02 million during the second quarter, while institutional investors and hedge funds collectively own 69.27% of the stock.
• Analysts maintain a generally positive outlook, with Shopify receiving a consensus “Moderate Buy” rating and an average price target of $170.72.
• Shopify reported quarterly revenue of $3.58 billion, up 33.7% year over year, and earnings of $0.42 per share, exceeding analyst expectations of $0.40.

Plato Investment Management Ltd purchased a new position in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 26,533 shares of the software maker's stock, valued at approximately $3,017,000.

A number of other institutional investors have also made changes to their positions in the stock. TBH Global Asset Management LLC raised its holdings in Shopify by 1.2% in the fourth quarter. TBH Global Asset Management LLC now owns 6,438 shares of the software maker's stock worth $1,036,000 after purchasing an additional 75 shares during the period. Smartleaf Asset Management LLC grew its holdings in shares of Shopify by 13.9% in the 2nd quarter. Smartleaf Asset Management LLC now owns 631 shares of the software maker's stock valued at $72,000 after buying an additional 77 shares during the period. WealthCollab LLC increased its position in shares of Shopify by 26.7% in the 4th quarter. WealthCollab LLC now owns 380 shares of the software maker's stock valued at $61,000 after buying an additional 80 shares in the last quarter. Parr Mcknight Wealth Management Group LLC increased its position in shares of Shopify by 3.1% in the 1st quarter. Parr Mcknight Wealth Management Group LLC now owns 2,762 shares of the software maker's stock valued at $328,000 after buying an additional 84 shares in the last quarter. Finally, Founders Financial Alliance LLC raised its stake in Shopify by 5.2% during the 4th quarter. Founders Financial Alliance LLC now owns 1,768 shares of the software maker's stock worth $285,000 after buying an additional 87 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on SHOP shares. Canaccord Genuity Group set a $180.00 price target on Shopify and gave the stock a "buy" rating in a research report on Wednesday, August 5th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Shopify in a research report on Monday, August 3rd. Citizens Jmp increased their target price on Shopify from $150.00 to $185.00 and gave the stock a "market outperform" rating in a research note on Thursday, August 6th. Jefferies Financial Group restated a "buy" rating and set a $175.00 target price on shares of Shopify in a report on Wednesday, August 5th. Finally, Benchmark lifted their price target on shares of Shopify from $145.00 to $170.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, thirty-four have given a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Shopify currently has an average rating of "Moderate Buy" and a consensus target price of $170.72.

Shopify Stock Performance

Shopify stock opened at $154.32 on Monday. The firm has a 50-day moving average of $122.97 and a 200-day moving average of $120.09. Shopify Inc. has a one year low of $94.00 and a one year high of $182.19. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.35 and a quick ratio of 5.35. The company has a market cap of $198.55 billion, a price-to-earnings ratio of 104.27, a P/E/G ratio of 3.15 and a beta of 2.58.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings results on Wednesday, August 5th. The software maker reported $0.42 EPS for the quarter, beating the consensus estimate of $0.40 by $0.02. Shopify had a return on equity of 12.58% and a net margin of 14.53%.The firm had revenue of $3.58 billion during the quarter. During the same period last year, the company posted $0.69 earnings per share. The business's revenue for the quarter was up 33.7% on a year-over-year basis. On average, equities analysts expect that Shopify Inc. will post 1.45 earnings per share for the current fiscal year.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.

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