Shopify Inc. $SHOP Stock Position Boosted by Durable Capital Partners LP

Key Points

• Durable Capital Partners LP increased its holdings in Shopify by 8.2%, owning approximately 4.3 million shares, which makes up about 3.6% of its investment portfolio.
• Shopify reported earnings of $0.35 per share for the last quarter, exceeding estimates, with revenue up 31.1% compared to the previous year.
• Analysts have raised their price targets for Shopify, with a consensus price target of $150.27 and 24 analysts rating the stock as a "Buy."

Durable Capital Partners LP raised its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 8.2% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 4,275,819 shares of the software maker's stock after acquiring an additional 325,471 shares during the period. Shopify makes up 3.6% of Durable Capital Partners LP's holdings, making the stock its 8th largest position. Durable Capital Partners LP owned 0.33% of Shopify worth $408,255,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Fourth Dimension Wealth LLC bought a new position in Shopify during the fourth quarter worth about $30,000. Smithfield Trust Co raised its position in Shopify by 149.2% during the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after purchasing an additional 188 shares in the last quarter. Dagco Inc. acquired a new position in Shopify during the first quarter valued at approximately $30,000. Cary Street Partners Investment Advisory LLC increased its holdings in shares of Shopify by 86.8% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock worth $34,000 after buying an additional 165 shares in the last quarter. Finally, Accent Capital Management LLC acquired a new position in shares of Shopify during the first quarter worth $46,000. Institutional investors own 69.27% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Morgan Stanley increased their price objective on shares of Shopify from $106.00 to $112.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Cantor Fitzgerald set a $156.00 price target on shares of Shopify and gave the stock a "neutral" rating in a research note on Wednesday, August 27th. Robert W. Baird raised their price target on shares of Shopify from $110.00 to $120.00 and gave the stock an "outperform" rating in a research note on Monday, July 14th. BMO Capital Markets boosted their target price on shares of Shopify from $120.00 to $180.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Shopify from $115.00 to $179.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Twenty-four research analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $150.27.

Shopify Price Performance

SHOP stock traded up $1.18 during mid-day trading on Wednesday, reaching $140.22. The company had a trading volume of 3,527,055 shares, compared to its average volume of 10,106,483. The firm has a 50 day moving average of $129.61 and a 200 day moving average of $110.93. Shopify Inc. has a 12 month low of $65.86 and a 12 month high of $156.85. The company has a market capitalization of $182.24 billion, a PE ratio of 90.47, a price-to-earnings-growth ratio of 4.82 and a beta of 2.69.

Shopify (NYSE: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, topping analysts' consensus estimates of $0.29 by $0.06. The business had revenue of $2.68 billion during the quarter, compared to analysts' expectations of $2.55 billion. Shopify had a net margin of 22.74% and a return on equity of 12.00%. The business's quarterly revenue was up 31.1% on a year-over-year basis. During the same quarter last year, the company posted $0.26 earnings per share. Analysts anticipate that Shopify Inc. will post 1.12 EPS for the current 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.