Shopify Inc. $SHOP Shares Sold by Benchstone Capital Management LP

Key Points

• Benchstone Capital Management LP has reduced its stake in Shopify by 2.1% in the first quarter, owning 228,782 shares with a total value of approximately $21.8 million.
• Vanguard Group Inc. and other institutional investors have increased their holdings in Shopify, indicating a strong interest in the company, with Vanguard now owning nearly 48 million shares valued at over $4.5 billion.
• Analysts have raised their target prices for Shopify's shares, with recent increases from Royal Bank Of Canada and JMP Securities, reflecting positive sentiment and an overall "Moderate Buy" rating for the stock.

Benchstone Capital Management LP lowered its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 2.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 228,782 shares of the software maker's stock after selling 4,865 shares during the period. Shopify makes up approximately 2.3% of Benchstone Capital Management LP's portfolio, making the stock its 23rd largest position. Benchstone Capital Management LP's holdings in Shopify were worth $21,844,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in SHOP. Vanguard Group Inc. increased its holdings in Shopify by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker's stock valued at $4,563,106,000 after purchasing an additional 882,168 shares during the last quarter. Mackenzie Financial Corp increased its holdings in Shopify by 19.7% in the 1st quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock valued at $822,745,000 after purchasing an additional 1,426,406 shares during the last quarter. Nuveen LLC acquired a new stake in Shopify in the 1st quarter valued at approximately $667,392,000. Canada Pension Plan Investment Board increased its holdings in Shopify by 34.4% in the 1st 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 last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in Shopify by 21.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker's stock valued at $539,382,000 after purchasing an additional 979,598 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on SHOP shares. Royal Bank Of Canada lifted their target price on shares of Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. JMP Securities lifted their target price on shares of Shopify from $135.00 to $185.00 and gave the company a "market outperform" rating in a report on Thursday, August 7th. ATB Capital downgraded shares of Shopify to a "sector perform" rating in a report on Thursday, August 7th. Morgan Stanley lifted their target price on shares of Shopify from $106.00 to $112.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Finally, Wells Fargo & Company raised their price target on shares of Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. Twenty-four research analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $150.27.

Shopify Trading Down 0.2%

Shopify stock opened at $141.28 on Friday. The stock has a market cap of $183.62 billion, a P/E ratio of 91.15, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. The company has a fifty day simple moving average of $127.97 and a 200-day simple moving average of $110.55. 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 released its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.06. The business had revenue of $2.68 billion during the quarter, compared to analysts' expectations of $2.55 billion. Shopify had a net margin of 22.74% and a return on equity of 12.00%. The company's revenue for the quarter was up 31.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.26 EPS. As a group, sell-side analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal 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.

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