Shopify Inc. $SHOP Shares Acquired by TD Waterhouse Canada Inc.

Key Points

• TD Waterhouse Canada increased its Shopify stake by 18.5% in the second quarter, purchasing 220,481 additional shares and bringing its holdings to 1.41 million shares valued at approximately $172.4 million. Institutional investors and hedge funds own 69.27% of Shopify.
• Shopify reported quarterly revenue of $3.58 billion, up 33.7% year over year, while adjusted earnings of $0.42 per share exceeded analysts’ $0.40 estimate. The stock opened at $145.88, with a market capitalization of about $187.7 billion.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and an average price target of $170.84; recent targets range from $165 to $200.

TD Waterhouse Canada Inc. increased its stake in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 18.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,414,866 shares of the software maker's stock after purchasing an additional 220,481 shares during the quarter. TD Waterhouse Canada Inc. owned 0.11% of Shopify worth $172,369,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of SHOP. Norris Financial Group LLC acquired a new position in Shopify during the first quarter worth $1,586,000. Infusive Asset Management Inc. lifted its holdings in Shopify by 27.4% in the first quarter. Infusive Asset Management Inc. now owns 43,611 shares of the software maker's stock valued at $5,173,000 after acquiring an additional 9,374 shares during the period. OMERS ADMINISTRATION Corp boosted its position in shares of Shopify by 18.6% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 58,044 shares of the software maker's stock worth $6,876,000 after purchasing an additional 9,096 shares in the last quarter. Ninepoint Partners LP purchased a new stake in shares of Shopify during the 2nd quarter worth $29,027,000. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Shopify by 8.5% during the 1st quarter. The Manufacturers Life Insurance Company now owns 8,418,903 shares of the software maker's stock worth $998,137,000 after purchasing an additional 660,198 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Up 2.8%

SHOP stock opened at $145.88 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.35 and a quick ratio of 5.35. The company's 50 day simple moving average is $133.64 and its 200-day simple moving average is $122.54. Shopify Inc. has a 12 month low of $94.00 and a 12 month high of $182.19. The firm has a market capitalization of $187.70 billion, a PE ratio of 98.57, a P/E/G ratio of 2.90 and a beta of 2.61.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings data on Wednesday, August 5th. The software maker reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.02. Shopify had a return on equity of 12.58% and a net margin of 14.53%.The firm had revenue of $3.58 billion during the quarter. During the same quarter in the prior year, the firm earned $0.69 earnings per share. The company's revenue for the quarter was up 33.7% on a year-over-year basis. Equities analysts expect that Shopify Inc. will post 1.45 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Citizens Jmp raised their price objective on shares of Shopify from $150.00 to $185.00 and gave the company a "market outperform" rating in a research note on Thursday, August 6th. DA Davidson set a $200.00 target price on shares of Shopify and gave the stock a "buy" rating in a research report on Thursday, August 6th. Bank of America began coverage on shares of Shopify in a report on Tuesday, July 7th. They issued a "buy" rating and a $150.00 target price for the company. BMO Capital Markets set a $165.00 price target on shares of Shopify and gave the company an "outperform" rating in a research report on Thursday, August 6th. Finally, Wedbush boosted their price target on Shopify from $155.00 to $176.00 and gave the stock an "outperform" rating in a research note on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, thirty-five have given a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $170.84.

Shopify Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source