Shopify Inc. $SHOP Shares Purchased by Quantitative Investment Management LLC

Key Points

• Quantitative Investment Management LLC increased its stake in Shopify by 133.4% during the first quarter, owning 33,610 shares valued at approximately $3.21 million.
• Shopify reported earnings of $0.35 per share, surpassing analyst expectations of $0.29, with a year-over-year revenue growth of 31.1% to $2.68 billion.
• Market analysts have given Shopify a consensus rating of "Moderate Buy" with an average price target of $148.51, indicating positive sentiment among investors.

Quantitative Investment Management LLC boosted its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 133.4% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 33,610 shares of the software maker's stock after acquiring an additional 19,210 shares during the period. Quantitative Investment Management LLC's holdings in Shopify were worth $3,209,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. SVB Wealth LLC increased its position in Shopify by 2.2% in the 1st quarter. SVB Wealth LLC now owns 5,415 shares of the software maker's stock valued at $517,000 after acquiring an additional 119 shares during the period. Biondo Investment Advisors LLC increased its position in Shopify by 0.9% during the 1st quarter. Biondo Investment Advisors LLC now owns 29,079 shares of the software maker's stock worth $2,776,000 after purchasing an additional 255 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in Shopify by 5.4% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 179,758 shares of the software maker's stock worth $17,163,000 after purchasing an additional 9,133 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in Shopify by 10.4% during the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 2,924,549 shares of the software maker's stock worth $278,265,000 after purchasing an additional 275,248 shares during the period. Finally, Sax Wealth Advisors LLC increased its position in Shopify by 53.9% during the 1st quarter. Sax Wealth Advisors LLC now owns 6,271 shares of the software maker's stock worth $599,000 after purchasing an additional 2,195 shares during the period. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Price Performance

Shares of NYSE:SHOP opened at $142.11 on Friday. The business's 50 day simple moving average is $124.55 and its 200-day simple moving average is $109.83. The firm has a market capitalization of $184.69 billion, a price-to-earnings ratio of 91.68, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 12 month low of $65.86 and a 12 month high of $156.85.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last posted its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. Shopify had a return on equity of 12.00% and a net margin of 22.74%.The firm had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. During the same quarter in the prior year, the company earned $0.26 EPS. Shopify's revenue was up 31.1% on a year-over-year basis. On average, equities analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SHOP. Zacks Research upgraded Shopify to a "hold" rating in a research report on Tuesday, August 12th. Cantor Fitzgerald reiterated a "neutral" rating and set a $91.00 target price on shares of Shopify in a research report on Wednesday, June 11th. Royal Bank Of Canada boosted their target price on Shopify from $145.00 to $170.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. The Goldman Sachs Group boosted their target price on Shopify from $120.00 to $176.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Finally, ATB Capital cut Shopify to a "sector perform" rating in a research report on Thursday, August 7th. Twenty-four investment analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $148.51.

About Shopify

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.