Shell Asset Management Co. Buys 16,686 Shares of Shopify Inc. $SHOP

Key Points

• Shell Asset Management Co. increased its stake in Shopify Inc. by 57.9% in Q2, adding 16,686 shares to hold a total of 45,499 shares valued at $5.24 million.
• Other institutional investors, like Mirae Asset Global Investments Co., significantly increased their holdings in Shopify, demonstrating a growing interest in the company.
• Shopify reported earnings of $0.35 per share for the last quarter, exceeding analysts' expectations and showcasing a 31.1% year-over-year revenue growth to $2.68 billion.

Shell Asset Management Co. grew its stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 57.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 45,499 shares of the software maker's stock after purchasing an additional 16,686 shares during the quarter. Shell Asset Management Co.'s holdings in Shopify were worth $5,238,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. raised its holdings in Shopify by 171.3% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker's stock worth $48,827,000 after purchasing an additional 267,271 shares in the last quarter. Worth Asset Management LLC bought a new stake in shares of Shopify during the 2nd quarter valued at $236,000. Avior Wealth Management LLC boosted its holdings in shares of Shopify by 32.6% during the 2nd quarter. Avior Wealth Management LLC now owns 13,609 shares of the software maker's stock valued at $1,570,000 after buying an additional 3,347 shares in the last quarter. Integrity Alliance LLC. bought a new stake in shares of Shopify during the 1st quarter valued at $211,000. Finally, Jacobs & Co. CA bought a new stake in shares of Shopify during the 2nd quarter valued at $285,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Performance

Shares of NASDAQ:SHOP opened at $164.50 on Tuesday. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $169.69. The business has a 50-day simple moving average of $143.53 and a two-hundred day simple moving average of $117.76. The firm has a market cap of $213.79 billion, a price-to-earnings ratio of 91.90, a price-to-earnings-growth ratio of 7.64 and a beta of 2.72.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last issued its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, topping 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 business had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same quarter in the previous year, the firm earned $0.26 EPS. Shopify's revenue was up 31.1% on a year-over-year basis. As a group, research analysts predict that Shopify Inc. will post 1.12 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently commented on SHOP. UBS Group boosted their target price on shares of Shopify from $110.00 to $145.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. TD Cowen restated a "hold" rating and set a $156.00 target price on shares of Shopify in a report on Friday. Oppenheimer restated an "outperform" rating and set a $149.00 target price on shares of Shopify in a report on Tuesday, September 30th. Weiss Ratings restated a "hold (c)" rating on shares of Shopify in a report on Saturday, September 27th. Finally, Canaccord Genuity Group lifted their price target on Shopify from $115.00 to $165.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Twenty-two investment analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Shopify currently has a consensus rating of "Hold" and a consensus target price of $150.59.

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.

Want to see what other hedge funds are holding SHOP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.