Shopify Inc. $SHOP Shares Acquired by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group Inc. increased its stake in Shopify Inc. by 4.4%, owning approximately 0.40% of the company after acquiring 218,829 shares during Q2.
• Several institutional investors such as Mirae Asset Global Investments and ARK Investment Management have also modified their holdings, contributing to institutional investors collectively owning 69.27% of Shopify's stock.
• Analyst ratings for Shopify have been largely positive, with numerous firms raising their price objectives and an average target price of $153.30, indicating a consensus rating of "Moderate Buy."

Sumitomo Mitsui Trust Group Inc. grew its stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 4.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,231,257 shares of the software maker's stock after purchasing an additional 218,829 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.40% of Shopify worth $603,425,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Shopify by 171.3% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker's stock valued at $48,827,000 after purchasing an additional 267,271 shares during the period. ARK Investment Management LLC grew its holdings in Shopify by 13.6% during the second quarter. ARK Investment Management LLC now owns 5,049,508 shares of the software maker's stock worth $582,461,000 after acquiring an additional 605,283 shares during the period. Worth Asset Management LLC acquired a new position in Shopify during the second quarter worth $236,000. Avior Wealth Management LLC grew its holdings in Shopify by 32.6% during the second quarter. Avior Wealth Management LLC now owns 13,609 shares of the software maker's stock worth $1,570,000 after acquiring an additional 3,347 shares during the period. Finally, 111 Capital acquired a new position in Shopify during the second quarter worth $1,719,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. UBS Group upped their price objective on Shopify from $110.00 to $145.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Stifel Nicolaus upped their price objective on Shopify from $110.00 to $150.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. Canaccord Genuity Group upped their target price on Shopify from $115.00 to $165.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Benchmark reissued a "buy" rating and issued a $140.00 target price (up previously from $125.00) on shares of Shopify in a report on Tuesday, August 5th. Finally, CIBC upped their target price on Shopify from $145.00 to $185.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, twenty-two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $153.30.

Shopify Stock Up 1.2%

Shares of NASDAQ:SHOP opened at $169.10 on Friday. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $169.69. The stock's fifty day simple moving average is $149.30 and its 200-day simple moving average is $123.18. The company has a market capitalization of $219.77 billion, a P/E ratio of 94.47, a P/E/G ratio of 7.58 and a beta of 2.72.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $2.55 billion. During the same period in the prior year, the business earned $0.26 earnings per share. The business's revenue was up 31.1% on a year-over-year basis. On average, sell-side analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current 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.

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