Shopify Inc. $SHOP Shares Purchased by Thurston Springer Miller Herd & Titak Inc.

Key Points

• Thurston Springer Miller Herd & Titak Inc. increased its stake in Shopify by 26.5%, boosting its holdings to 10,107 shares valued at approximately $1.17 million.
• Shopify reported a 31.1% increase in revenue year-over-year, with earnings per share (EPS) of $0.35, exceeding analysts' expectations of $0.29.
• Analysts have raised their price targets for Shopify, with Evercore ISI setting a new target of $170 and Citigroup raising theirs to $195, reflecting strong market confidence.

Thurston Springer Miller Herd & Titak Inc. boosted its stake in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 26.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,107 shares of the software maker's stock after purchasing an additional 2,117 shares during the period. Thurston Springer Miller Herd & Titak Inc.'s holdings in Shopify were worth $1,166,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Nuveen LLC acquired a new position in Shopify in the first quarter valued at $667,392,000. Jennison Associates LLC boosted its holdings in Shopify by 324.3% in the first quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker's stock valued at $504,209,000 after acquiring an additional 4,036,326 shares during the last quarter. Canada Pension Plan Investment Board increased its position in shares of 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 worth $565,504,000 after acquiring an additional 1,522,573 shares in the last quarter. Mackenzie Financial Corp increased its position in shares of Shopify by 19.7% in the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock worth $822,745,000 after acquiring an additional 1,426,406 shares in the last quarter. Finally, Voloridge Investment Management LLC acquired a new stake in shares of Shopify in the fourth quarter worth $125,334,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Price Performance

NASDAQ SHOP opened at $143.38 on Monday. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $156.85. The company has a market capitalization of $186.35 billion, a price-to-earnings ratio of 80.10, a price-to-earnings-growth ratio of 6.79 and a beta of 2.69. The company's fifty day moving average price is $133.77 and its two-hundred day moving average price is $112.04.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The firm 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 firm posted $0.26 EPS. The firm's revenue was up 31.1% compared to the same quarter last year. As a group, analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

Analysts Set New Price Targets

SHOP has been the subject of several recent research reports. Evercore ISI increased their price objective on shares of Shopify from $120.00 to $170.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Citigroup increased their price objective on shares of Shopify from $155.00 to $195.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. National Bankshares increased their price objective on shares of Shopify from $140.00 to $180.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Truist Financial increased their price objective on shares of Shopify from $95.00 to $150.00 and gave the stock a "hold" rating in a research report on Thursday, August 7th. Finally, Arete Research raised shares of Shopify to a "hold" rating in a research report on Wednesday, July 23rd. Twenty-four equities 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 stock currently has an average rating of "Moderate Buy" and a consensus price target of $150.27.

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.

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