Eventide Asset Management LLC Boosts Stock Position in Shopify Inc. $SHOP

Key Points

• Eventide Asset Management LLC increased its stake in Shopify Inc. by 64.6%, owning 11,050 shares valued at $1,056,000 by the end of the last reporting period.
• Shopify's recent quarterly earnings report showed an earnings per share of $0.35 and revenues of $2.68 billion, exceeding analyst expectations.
• Analysts have set varied price targets for Shopify, with Citigroup raising its target to $195.00 and maintaining a "buy" rating, contributing to an overall consensus rating of "Moderate Buy."

Eventide Asset Management LLC raised its stake in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 64.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,050 shares of the software maker's stock after purchasing an additional 4,338 shares during the quarter. Eventide Asset Management LLC's holdings in Shopify were worth $1,056,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Mather Group LLC. raised its stake in Shopify by 127.4% in the first quarter. Mather Group LLC. now owns 912 shares of the software maker's stock worth $87,000 after buying an additional 511 shares in the last quarter. Dynamic Advisor Solutions LLC bought a new stake in shares of Shopify during the 1st quarter valued at $382,000. GAMMA Investing LLC boosted its holdings in shares of Shopify by 80.0% during the 1st quarter. GAMMA Investing LLC now owns 963 shares of the software maker's stock valued at $92,000 after buying an additional 428 shares in the last quarter. Bessemer Group Inc. grew its position in shares of Shopify by 3.8% in the 1st quarter. Bessemer Group Inc. now owns 1,059,585 shares of the software maker's stock worth $101,163,000 after buying an additional 38,616 shares during the period. Finally, Assenagon Asset Management S.A. increased its stake in shares of Shopify by 1.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 38,732 shares of the software maker's stock worth $3,694,000 after acquiring an additional 432 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Truist Financial boosted their price objective on shares of Shopify from $95.00 to $150.00 and gave the stock a "hold" rating in a research note on Thursday, August 7th. Bank of America upped their target price on shares of Shopify from $110.00 to $185.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Evercore ISI raised their price target on shares of Shopify from $120.00 to $170.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Zacks Research raised Shopify to a "hold" rating in a research report on Tuesday, August 12th. Finally, Mizuho lifted their target price on Shopify from $85.00 to $150.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Twenty-four 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. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $150.27.

Shopify Price Performance

Shares of NASDAQ:SHOP traded down $2.78 during trading on Tuesday, hitting $143.44. The company's stock had a trading volume of 5,729,181 shares, compared to its average volume of 10,009,097. The firm has a market cap of $186.42 billion, a price-to-earnings ratio of 92.54, a P/E/G ratio of 4.82 and a beta of 2.69. The company has a 50-day moving average of $131.54 and a 200-day moving average of $111.18. Shopify Inc. has a 12 month low of $66.95 and a 12 month high of $156.85.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last announced its earnings results 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. The company had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. Shopify had a net margin of 22.74% and a return on equity of 12.00%. The firm's quarterly revenue was up 31.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.26 earnings per share. As a group, research 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.