Quarry LP Makes New $263,000 Investment in Shopify Inc. $SHOP

Key Points

• Quarry LP has purchased a new stake in Shopify Inc., acquiring 2,750 shares valued at approximately $263,000 in the first quarter.
• Shopify's stock has shown strong performance, with a 1-year revenue growth of 31.1% and a current market capitalization of $183.62 billion.
• Numerous analysts have recently updated their price targets for Shopify, with some firms setting targets as high as $185.00 while maintaining a general consensus of a "Moderate Buy" rating.

Quarry LP purchased a new stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 2,750 shares of the software maker's stock, valued at approximately $263,000.

A number of other large investors have also recently added to or reduced their stakes in the company. LRI Investments LLC lifted its stake in Shopify by 9.8% in the fourth quarter. LRI Investments LLC now owns 889 shares of the software maker's stock valued at $94,000 after acquiring an additional 79 shares during the last quarter. Quadcap Wealth Management LLC lifted its stake in Shopify by 0.9% in the first quarter. Quadcap Wealth Management LLC now owns 11,133 shares of the software maker's stock valued at $1,063,000 after acquiring an additional 103 shares during the last quarter. Fullcircle Wealth LLC lifted its stake in Shopify by 2.7% in the first quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker's stock valued at $418,000 after acquiring an additional 110 shares during the last quarter. Avidian Wealth Enterprises LLC lifted its stake in Shopify by 3.4% in the first quarter. Avidian Wealth Enterprises LLC now owns 3,533 shares of the software maker's stock valued at $337,000 after acquiring an additional 116 shares during the last quarter. Finally, SVB Wealth LLC lifted its stake in Shopify by 2.2% in the first quarter. SVB Wealth LLC now owns 5,415 shares of the software maker's stock valued at $517,000 after acquiring an additional 119 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Price Performance

Shopify stock traded up $1.18 during midday trading on Wednesday, hitting $140.22. The company's stock had a trading volume of 3,527,055 shares, compared to its average volume of 10,106,483. Shopify Inc. has a 1-year low of $65.86 and a 1-year high of $156.85. The company has a 50-day moving average price of $129.61 and a two-hundred day moving average price of $110.93. The company has a market cap of $182.24 billion, a price-to-earnings ratio of 90.47, a PEG ratio of 4.82 and a beta of 2.69.

Shopify (NYSE: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 for the quarter, topping 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 business had revenue of $2.68 billion during the quarter, compared to analysts' expectations of $2.55 billion. During the same quarter in the previous year, the company earned $0.26 EPS. The business's revenue was up 31.1% on a year-over-year basis. Sell-side analysts forecast that Shopify Inc. will post 1.12 EPS for the current year.

Analysts Set New Price Targets

SHOP has been the subject of a number of research reports. BMO Capital Markets raised their target price on shares of Shopify from $120.00 to $180.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Stifel Nicolaus raised their target price on shares of Shopify from $110.00 to $150.00 and gave the stock a "hold" rating in a research note on Thursday, August 7th. Bank of America raised their target price on shares of Shopify from $110.00 to $185.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. CIBC raised their target price on shares of Shopify from $145.00 to $185.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Finally, Capital One Financial upgraded shares of Shopify from an "equal weight" rating to an "overweight" rating in a research note on Thursday, May 8th. Twenty-four research analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Shopify presently has a consensus rating of "Moderate Buy" and an average target price of $150.27.

Shopify 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.