Russell Investments Group Ltd. Has $141.36 Million Position in Shopify Inc. (NYSE:SHOP)

Key Points

• Russell Investments Group Ltd. increased its stake in Shopify by 2.9%, owning 1,480,439 shares valued at approximately $141.4 million after acquiring an additional 41,735 shares.
• Other institutional investors, including Vanguard Group and Capital International Investors, also raised their holdings, reflecting a strong interest in Shopify as institutional ownership now stands at 69.27%.
• Despite recent ratings adjustments from analysts, Shopify holds a current consensus rating of "Moderate Buy" with an average price target of $148.51.

Russell Investments Group Ltd. lifted its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 2.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,480,439 shares of the software maker's stock after acquiring an additional 41,735 shares during the quarter. Russell Investments Group Ltd. owned 0.11% of Shopify worth $141,356,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of SHOP. Fourth Dimension Wealth LLC bought a new position in Shopify during the 4th quarter worth approximately $30,000. Smithfield Trust Co boosted its stake in Shopify by 149.2% in the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after acquiring an additional 188 shares during the period. Cary Street Partners Investment Advisory LLC boosted its stake in Shopify by 86.8% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock valued at $34,000 after acquiring an additional 165 shares during the period. Strategic Investment Solutions Inc. IL acquired a new position in Shopify in the fourth quarter valued at approximately $46,000. Finally, Accent Capital Management LLC acquired a new position in Shopify in the first quarter valued at approximately $46,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Trading Up 0.5%

Shares of SHOP traded up $0.79 during mid-day trading on Wednesday, hitting $150.09. 6,656,284 shares of the company traded hands, compared to its average volume of 10,501,883. Shopify Inc. has a one year low of $65.86 and a one year high of $156.85. The business has a 50-day moving average of $120.13 and a 200 day moving average of $108.72. The stock has a market capitalization of $194.72 billion, a price-to-earnings ratio of 96.83, a PEG ratio of 4.82 and a beta of 2.63.

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

Wall Street Analyst Weigh In

SHOP has been the subject of several analyst reports. KeyCorp reiterated an "overweight" rating and set a $175.00 price objective (up from $145.00) on shares of Shopify in a research report on Thursday, August 7th. BNP Paribas downgraded Shopify from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 5th. Royal Bank Of Canada boosted their price objective on Shopify from $145.00 to $170.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. UBS Group boosted their price objective on Shopify from $110.00 to $145.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Finally, Truist Financial upped their target price on Shopify from $95.00 to $150.00 and gave the stock a "hold" rating in a research report on Thursday, August 7th. One analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price 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.