Select Equity Group L.P. Has $111.42 Million Stake in Shopify Inc. $SHOP

Key Points

• Select Equity Group L.P. reduced its stake in Shopify Inc. by 67.2%, now owning approximately $111.42 million in shares following the sale of over 2.3 million shares.
• Various institutional investors have increased their positions in Shopify, with notable investments from Nuveen LLC and Jennison Associates LLC, contributing to 69.27% of the stock being owned by institutional investors.
• Analysts have raised their target prices on Shopify, with CIBC setting a new target of $185.00, indicating strong market interest and a generally positive outlook on the stock.

Select Equity Group L.P. reduced its stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 67.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,166,979 shares of the software maker's stock after selling 2,388,508 shares during the period. Select Equity Group L.P. owned approximately 0.09% of Shopify worth $111,423,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in SHOP. Nuveen LLC bought a new stake in shares of Shopify in the first quarter valued at approximately $667,392,000. Jennison Associates LLC boosted its stake in shares of Shopify by 324.3% in the first quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker's stock valued at $504,209,000 after buying an additional 4,036,326 shares during the period. Canada Pension Plan Investment Board boosted its stake in shares of Shopify by 34.4% in the first quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker's stock valued at $565,504,000 after buying an additional 1,522,573 shares during the period. Mackenzie Financial Corp boosted its stake in shares of Shopify by 19.7% in the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock valued at $822,745,000 after buying an additional 1,426,406 shares during the period. Finally, Voloridge Investment Management LLC acquired a new position in Shopify during the fourth quarter valued at approximately $125,334,000. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SHOP. Zacks Research upgraded shares of Shopify to a "hold" rating in a research report on Tuesday, August 12th. BMO Capital Markets boosted their price objective on shares of Shopify from $120.00 to $180.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. KeyCorp restated 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. Mizuho boosted their price objective on shares of Shopify from $85.00 to $150.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Finally, Loop Capital downgraded shares of Shopify from a "buy" rating to a "hold" rating and set a $120.00 price objective for the company. in a research report on Tuesday, July 22nd. Twenty-four investment 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, the company has an average rating of "Moderate Buy" and an average price target of $150.27.

Shopify Stock Performance

Shares of SHOP traded down $2.78 during trading hours on Tuesday, reaching $143.44. The stock had a trading volume of 5,744,878 shares, compared to its average volume of 5,644,091. Shopify Inc. has a 12 month low of $66.95 and a 12 month high of $156.85. The stock has a market capitalization of $186.42 billion, a PE ratio of 80.13, a PEG ratio of 6.93 and a beta of 2.69. The company's 50-day moving average is $132.15 and its two-hundred day moving average is $111.40.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last announced its quarterly 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 analysts' expectations of $2.55 billion. During the same period in the prior year, the company earned $0.26 EPS. Shopify's revenue was up 31.1% compared to the same quarter last year. Equities analysts anticipate 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.