Shopify Inc. $SHOP Holdings Raised by Baird Financial Group Inc.

Key Points

• Baird Financial Group Inc. raised its holdings in Shopify Inc. by 12.4% during the first quarter, acquiring a total of 107,761 shares valued at approximately $10.29 million.
• Several institutional investors significantly increased their positions, including Activest Wealth Management with a 283.8% increase and Canada Pension Plan Investment Board adding 1.52 million shares.
• Analysts have largely upgraded their price targets on Shopify, including BMO Capital Markets raising its target from $120 to $180, reflecting optimism about the stock's future performance.

Baird Financial Group Inc. increased its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 12.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 107,761 shares of the software maker's stock after acquiring an additional 11,873 shares during the period. Baird Financial Group Inc.'s holdings in Shopify were worth $10,285,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Activest Wealth Management lifted its position in shares of Shopify by 283.8% during the 1st quarter. Activest Wealth Management now owns 806 shares of the software maker's stock worth $77,000 after purchasing an additional 596 shares during the last quarter. Stony Point Capital LLC acquired a new position in Shopify in the 1st quarter valued at $14,990,000. Canada Pension Plan Investment Board lifted its position in Shopify by 34.4% in the first quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker's stock valued at $565,504,000 after purchasing an additional 1,522,573 shares during the period. Pembroke Management LTD boosted its stake in shares of Shopify by 172.4% in the first quarter. Pembroke Management LTD now owns 9,777 shares of the software maker's stock valued at $934,000 after buying an additional 6,188 shares in the last quarter. Finally, WPG Advisers LLC purchased a new stake in shares of Shopify during the 1st quarter worth $83,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SHOP. DA Davidson increased their price target on shares of Shopify from $125.00 to $185.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Bank of America increased their target price on shares of Shopify from $110.00 to $185.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. The Goldman Sachs Group raised their price objective on Shopify from $120.00 to $176.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Arete Research upgraded shares of Shopify to a "hold" rating in a research note on Wednesday, July 23rd. Finally, Cantor Fitzgerald set a $156.00 price objective on Shopify and gave the company a "neutral" rating in a research note on Wednesday, August 27th. Twenty-four research analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $150.27.

Shopify Price Performance

Shares of Shopify stock traded up $1.67 on Friday, hitting $146.82. The company had a trading volume of 5,726,597 shares, compared to its average volume of 10,059,485. Shopify Inc. has a 52 week low of $65.86 and a 52 week high of $156.85. The company has a market cap of $190.82 billion, a PE ratio of 94.72, a PEG ratio of 4.82 and a beta of 2.69. The business has a 50-day simple moving average of $130.92 and a 200-day simple moving average of $111.16.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.06. Shopify had a return on equity of 12.00% and a net margin of 22.74%.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 prior year, the firm posted $0.26 earnings per share. The company's revenue was up 31.1% on a year-over-year basis. On average, equities research analysts predict 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.