Prudential PLC Has $13.15 Million Position in Shopify Inc. (NYSE:SHOP)

Key Points

• Prudential PLC has reduced its stake in Shopify Inc. by 31.9% during Q1, now holding 137,420 shares valued at approximately $13.15 million.
• Institutional investors hold around 69.27% of Shopify's stock, with several firms like Rathbones Group PLC significantly increasing their positions during the same period.
• Shopify reported a quarterly earnings per share of $0.35, exceeding analyst expectations of $0.29, with revenues reaching $2.68 billion, a year-over-year increase of 31.1%.

Prudential PLC reduced its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 31.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 137,420 shares of the software maker's stock after selling 64,474 shares during the quarter. Prudential PLC's holdings in Shopify were worth $13,152,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Rathbones Group PLC lifted its holdings in Shopify by 64.8% in the 1st quarter. Rathbones Group PLC now owns 1,472,149 shares of the software maker's stock worth $140,560,000 after purchasing an additional 579,017 shares during the last quarter. Trillium Asset Management LLC lifted its holdings in Shopify by 2.9% in the 1st quarter. Trillium Asset Management LLC now owns 228,743 shares of the software maker's stock worth $21,840,000 after purchasing an additional 6,512 shares during the last quarter. Public Sector Pension Investment Board lifted its holdings in Shopify by 0.9% in the 1st quarter. Public Sector Pension Investment Board now owns 117,345 shares of the software maker's stock worth $11,162,000 after purchasing an additional 1,000 shares during the last quarter. AIA Group Ltd lifted its holdings in Shopify by 0.9% in the 1st quarter. AIA Group Ltd now owns 169,884 shares of the software maker's stock worth $16,221,000 after purchasing an additional 1,562 shares during the last quarter. Finally, SouthState Corp increased its position in Shopify by 8.1% in the 1st quarter. SouthState Corp now owns 2,669 shares of the software maker's stock worth $255,000 after buying an additional 199 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Performance

Shopify stock opened at $149.30 on Wednesday. The firm has a market cap of $193.70 billion, a P/E ratio of 96.32, a P/E/G ratio of 4.82 and a beta of 2.63. The business's fifty day moving average is $119.20 and its two-hundred day moving average is $108.43. Shopify Inc. has a 52 week low of $65.86 and a 52 week high of $156.85.

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

Analysts Set New Price Targets

Several research analysts have commented on SHOP shares. Bank of America lifted their price target on Shopify from $110.00 to $185.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $91.00 price target on shares of Shopify in a research report on Wednesday, June 11th. KeyCorp reaffirmed an "overweight" rating and issued a $175.00 price target (up from $145.00) on shares of Shopify in a research report on Thursday, August 7th. Scotiabank reaffirmed a "sector perform" rating and issued a $150.00 price target (up from $115.00) on shares of Shopify in a research report on Thursday, August 7th. Finally, DA Davidson lifted their price target on Shopify from $125.00 to $185.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a sell rating, eighteen have issued a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat.com, Shopify currently has a consensus rating of "Moderate Buy" and a consensus price target of $148.51.

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.

Want to see what other hedge funds are holding SHOP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.