Rathbones Group PLC Purchases 579,017 Shares of Shopify Inc. (NYSE:SHOP)

Key Points

• Rathbones Group PLC increased its stock holdings in Shopify Inc. by 64.8% in the first quarter, owning over 1.4 million shares worth approximately $140.56 million.
• Several analysts have upgraded their price targets for Shopify, with Bank of America raising its target to $185 and Canaccord Genuity increasing its target to $165.
• Shopify currently has a market capitalization of $191.36 billion and a consensus rating of "Moderate Buy" among analysts, with an average target price of $148.51.

Rathbones Group PLC boosted its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 64.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,472,149 shares of the software maker's stock after purchasing an additional 579,017 shares during the period. Rathbones Group PLC owned approximately 0.11% of Shopify worth $140,560,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in SHOP. LRI Investments LLC boosted its stake in Shopify by 9.8% during the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker's stock worth $94,000 after acquiring an additional 79 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 buying an additional 110 shares in 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 buying an additional 116 shares in the last quarter. Pinnacle Financial Partners Inc lifted its stake in Shopify by 4.0% in the first quarter. Pinnacle Financial Partners Inc now owns 3,233 shares of the software maker's stock valued at $320,000 after buying an additional 125 shares in the last quarter. Finally, Accurate Wealth Management LLC lifted its stake in Shopify by 4.0% in the first quarter. Accurate Wealth Management LLC now owns 3,408 shares of the software maker's stock valued at $325,000 after buying an additional 131 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have weighed in on SHOP. JPMorgan Chase & Co. lifted their price target on shares of Shopify from $115.00 to $179.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. ATB Capital lowered shares of Shopify to a "sector perform" rating in a research note on Thursday, August 7th. Needham & Company LLC began coverage on shares of Shopify in a research note on Monday, July 14th. They issued a "buy" rating and a $135.00 price target on the stock. Barclays lifted their price target on shares of Shopify from $94.00 to $120.00 and gave the company an "equal weight" rating in a research note on Thursday, August 7th. Finally, DA Davidson lifted their price target on shares of Shopify from $125.00 to $185.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat.com, Shopify currently has an average rating of "Moderate Buy" and an average price target of $148.51.

Shopify Stock Up 0.5%

Shares of Shopify stock traded up $0.79 during trading on Wednesday, reaching $150.09. The company's stock had a trading volume of 6,656,284 shares, compared to its average volume of 10,501,883. The business's 50-day moving average price is $120.13 and its 200-day moving average price is $108.72. The firm has a market cap of $194.72 billion, a PE ratio of 96.83, a P/E/G ratio of 4.82 and a beta of 2.63. 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 announced its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. The company had revenue of $2.68 billion during the quarter, compared to analysts' expectations of $2.55 billion. Shopify had a net margin of 22.74% and a return on equity of 12.00%. Shopify's quarterly revenue was up 31.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.26 earnings per share. Equities analysts predict that Shopify Inc. will post 1.12 earnings per share for the current year.

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.