Sciencast Management LP Makes New $731,000 Investment in Shopify Inc. $SHOP

Key Points

• Sciencast Management LP has taken a new position in Shopify Inc. worth approximately $731,000, acquiring 7,654 shares in the process.
• Shopify reported a 31.1% year-over-year revenue increase for the quarter, totaling $2.68 billion, and exceeded earnings expectations with an EPS of $0.35.
• Several analysts have raised their price targets on Shopify, with estimates now ranging from $150.00 to $185.00, indicating a generally positive outlook from market experts.

Sciencast Management LP bought a new stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 7,654 shares of the software maker's stock, valued at approximately $731,000.

Other large investors have also modified their holdings of the company. Brighton Jones LLC raised its stake in Shopify by 2.8% during the fourth 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 in the last quarter. CoreCap Advisors LLC raised its stake in Shopify by 69.1% during the fourth quarter. CoreCap Advisors LLC now owns 2,959 shares of the software maker's stock worth $315,000 after acquiring an additional 1,209 shares in the last quarter. Focus Partners Wealth raised its stake in Shopify by 55.6% during the fourth quarter. Focus Partners Wealth now owns 268,814 shares of the software maker's stock worth $28,610,000 after acquiring an additional 96,033 shares in the last quarter. J. Goldman & Co LP acquired a new position in Shopify during the fourth quarter worth $2,402,000. Finally, LRI Investments LLC raised its stake in Shopify by 9.8% during the fourth quarter. LRI Investments LLC now owns 889 shares of the software maker's stock worth $94,000 after acquiring an additional 79 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Benchmark reiterated a "buy" rating and set a $140.00 price objective (up from $125.00) on shares of Shopify in a research note on Tuesday, August 5th. Phillip Securities lowered Shopify from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, August 12th. Stifel Nicolaus increased their target price on Shopify from $110.00 to $150.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. Cantor Fitzgerald set a $156.00 target price on Shopify and gave the stock a "neutral" rating in a report on Wednesday, August 27th. Finally, UBS Group increased their target price on Shopify from $110.00 to $145.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Twenty-four research analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Shopify has an average rating of "Moderate Buy" and a consensus target price of $150.27.

Shopify Trading Up 2.0%

Shopify stock traded up $2.83 during mid-day trading on Thursday, hitting $145.03. The stock had a trading volume of 6,047,331 shares, compared to its average volume of 5,607,783. The stock has a 50-day simple moving average of $133.25 and a two-hundred day simple moving average of $111.82. The stock has a market capitalization of $188.49 billion, a PE ratio of 81.02, a P/E/G ratio of 6.74 and a beta of 2.69. Shopify Inc. has a 12 month low of $69.63 and a 12 month high of $156.85.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings results 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. The business had revenue of $2.68 billion for the quarter, compared to analysts' expectations of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The firm's quarterly revenue was up 31.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.26 earnings per share. Sell-side analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal 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.