Price T Rowe Associates Inc. MD Has $3.25 Billion Holdings in Shopify Inc. $SHOP

Key Points

• Price T Rowe Associates Inc. has reduced its stake in Shopify Inc. by 18.8%, now holding approximately 34 million shares valued at $3.25 billion.
• Shopify reported earnings of $0.35 per share for the last quarter, surpassing analyst expectations, with revenue rising by 31.1% year-over-year to $2.68 billion.
• Several brokerages have recently upgraded their price targets for Shopify, with a consensus target of $148.51 and 24 analysts rating the stock as a "Buy."

Price T Rowe Associates Inc. MD lowered its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 18.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 34,008,966 shares of the software maker's stock after selling 7,892,382 shares during the quarter. Price T Rowe Associates Inc. MD owned about 2.63% of Shopify worth $3,247,177,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Brighton Jones LLC boosted its stake in 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 acquiring an additional 584 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Shopify by 5.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 496,188 shares of the software maker's stock worth $52,761,000 after purchasing an additional 26,416 shares during the period. Stifel Financial Corp boosted its position in shares of Shopify by 2.0% during the fourth quarter. Stifel Financial Corp now owns 363,685 shares of the software maker's stock worth $38,671,000 after purchasing an additional 6,964 shares in the last quarter. IHT Wealth Management LLC grew its holdings in shares of Shopify by 4.1% in the 4th quarter. IHT Wealth Management LLC now owns 8,816 shares of the software maker's stock valued at $937,000 after buying an additional 344 shares during the period. Finally, MGO One Seven LLC grew its holdings in shares of Shopify by 9.3% in the 4th quarter. MGO One Seven LLC now owns 18,008 shares of the software maker's stock valued at $1,915,000 after buying an additional 1,525 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Performance

Shares of NYSE:SHOP opened at $137.29 on Thursday. Shopify Inc. has a 52-week low of $65.86 and a 52-week high of $156.85. The company has a market capitalization of $178.12 billion, a P/E ratio of 88.57, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. The company has a 50-day simple moving average of $123.27 and a 200 day simple moving average of $109.60.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released 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. Shopify had a return on equity of 12.00% and a net margin of 22.74%.The firm had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. During the same quarter in the prior year, the company earned $0.26 earnings per share. The business's revenue for the quarter was up 31.1% compared to the same quarter last year. As a group, equities analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SHOP. Barclays raised their price objective on Shopify from $94.00 to $120.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 7th. JMP Securities increased their price target on Shopify from $135.00 to $185.00 and gave the stock a "market outperform" rating in a report on Thursday, August 7th. Truist Financial boosted their price objective on Shopify from $95.00 to $150.00 and gave the company a "hold" rating in a research report on Thursday, August 7th. ATB Capital lowered shares of Shopify to a "sector perform" rating in a research note on Thursday, August 7th. Finally, Benchmark reissued a "buy" rating and set a $140.00 price objective (up previously from $125.00) on shares of Shopify in a research report on Tuesday, August 5th. Twenty-four research analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $148.51.

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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