Shopify Inc. $SHOP is Zevenbergen Capital Investments LLC's 6th Largest Position

Key Points

• Zevenbergen Capital Investments LLC reduced its holdings in Shopify by 4.2%, maintaining it as their 6th largest position, accounting for around 5.2% of their investment portfolio.
• Investment firms like CIBC and Citigroup have increased their price targets for Shopify, indicating strong growth expectations with targets reaching up to $195.00.
• Shopify reported a quarterly EPS of $0.35, exceeding expectations, with revenue of $2.68 billion, reflecting a year-over-year growth of 31.1%.

Zevenbergen Capital Investments LLC lessened its holdings in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 4.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,310,999 shares of the software maker's stock after selling 101,840 shares during the period. Shopify accounts for approximately 5.2% of Zevenbergen Capital Investments LLC's investment portfolio, making the stock its 6th biggest position. Zevenbergen Capital Investments LLC owned about 0.18% of Shopify worth $266,574,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of SHOP. Fourth Dimension Wealth LLC purchased a new stake in Shopify during the 4th quarter valued at about $30,000. Smithfield Trust Co grew its stake in Shopify by 149.2% during the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after acquiring an additional 188 shares in the last quarter. Dagco Inc. purchased a new stake in Shopify during the 1st quarter valued at about $30,000. Global Wealth Strategies & Associates grew its stake in shares of Shopify by 182.8% in the 2nd quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker's stock valued at $30,000 after buying an additional 170 shares during the period. Finally, Cary Street Partners Investment Advisory LLC grew its stake in shares of Shopify by 86.8% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock valued at $34,000 after buying an additional 165 shares during the period. Hedge funds and other institutional investors own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SHOP. CIBC increased their price target on shares of Shopify from $145.00 to $185.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. JMP Securities increased their price target on shares of Shopify from $135.00 to $185.00 and gave the company a "market outperform" rating in a research note on Thursday, August 7th. KeyCorp reissued an "overweight" rating and issued a $175.00 price target (up previously from $145.00) on shares of Shopify in a research note on Thursday, August 7th. Citigroup increased their price target on shares of Shopify from $155.00 to $195.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Finally, Arete Research raised shares of Shopify to a "hold" rating in a research note on Wednesday, July 23rd. Twenty-four analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Shopify presently has an average rating of "Moderate Buy" and a consensus target price of $150.27.

Shopify Stock Down 1.1%

Shopify stock opened at $143.38 on Friday. The firm has a market cap of $186.35 billion, a PE ratio of 80.10, a price-to-earnings-growth ratio of 6.87 and a beta of 2.69. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $156.85. The company's 50 day moving average is $133.77 and its two-hundred day moving average is $112.03.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last released its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 23.42% and a return on equity of 12.30%. The firm's quarterly revenue was up 31.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.26 EPS. On average, equities research analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

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.

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