SCS Capital Management LLC Acquires Shares of 11,531 Shopify Inc. $SHOP

Key Points

• SCS Capital Management LLC acquired 11,531 shares of Shopify Inc., valued at approximately $1,101,000, during the first quarter of the year.
• Shopify's latest earnings report showed a 31.1% increase in quarterly revenue year-over-year, with reported earnings per share of $0.35, exceeding analysts' expectations.
• Analysts have recently adjusted price targets for Shopify, with UBS raising its target to $145.00 and Goldman Sachs increasing it to $176.00, reflecting a generally positive outlook on the stock.

SCS Capital Management LLC bought a new stake in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 11,531 shares of the software maker's stock, valued at approximately $1,101,000.

Several other large investors also recently modified their holdings of SHOP. Brighton Jones LLC grew its stake in shares of Shopify by 2.8% during the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock valued at $2,252,000 after acquiring an additional 584 shares in the last quarter. OMERS ADMINISTRATION Corp acquired a new stake in shares of Shopify during the fourth quarter valued at about $6,988,000. NorthRock Partners LLC grew its stake in shares of Shopify by 125.5% during the fourth quarter. NorthRock Partners LLC now owns 5,999 shares of the software maker's stock valued at $638,000 after acquiring an additional 3,339 shares in the last quarter. Nia Impact Advisors LLC acquired a new stake in shares of Shopify during the fourth quarter valued at about $2,609,000. Finally, Quantinno Capital Management LP grew its stake in shares of Shopify by 24.7% during the fourth quarter. Quantinno Capital Management LP now owns 48,553 shares of the software maker's stock valued at $5,163,000 after acquiring an additional 9,602 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Down 0.9%

Shares of SHOP stock opened at $142.20 on Thursday. The business has a 50 day moving average of $132.70 and a two-hundred day moving average of $111.62. Shopify Inc. has a 52 week low of $68.10 and a 52 week high of $156.85. The company has a market cap of $184.81 billion, a P/E ratio of 79.44, a PEG ratio of 6.80 and a beta of 2.69.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last issued its earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The company had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. During the same period in the previous year, the firm posted $0.26 earnings per share. Shopify's quarterly revenue was up 31.1% compared to the same quarter last year. Analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. UBS Group lifted their price target on Shopify from $110.00 to $145.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Arete reiterated a "neutral" rating on shares of Shopify in a research note on Wednesday, July 23rd. Scotiabank reiterated a "sector perform" rating and issued a $150.00 price target (up from $115.00) on shares of Shopify in a research note on Thursday, August 7th. The Goldman Sachs Group lifted their price target on Shopify from $120.00 to $176.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Finally, Phillip Securities downgraded Shopify from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, August 12th. Twenty-four 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. Based on data from MarketBeat.com, Shopify presently has an average rating of "Moderate Buy" and a consensus price target of $150.27.

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.

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