Shopify Inc. $SHOP Stock Holdings Decreased by Harbour Investments Inc.

Key Points

• Harbour Investments Inc. reduced its stake in Shopify by 10.4% in Q2, owning 14,734 shares valued at approximately $1.7 million after selling 1,707 shares.
• Several institutional investors significantly increased their positions in Shopify during Q1, with Jennison Associates LLC raising its stake by 324.3% to over 5.2 million shares.
• Shopify's latest earnings report indicated a 31.1% year-over-year revenue increase and an EPS of $0.35, surpassing expectations and reflecting healthy financial growth.

Harbour Investments Inc. lowered its stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 10.4% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 14,734 shares of the software maker's stock after selling 1,707 shares during the period. Harbour Investments Inc.'s holdings in Shopify were worth $1,700,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of SHOP. Nuveen LLC bought a new stake in shares of Shopify in the 1st quarter worth about $667,392,000. Jennison Associates LLC increased its position in shares of Shopify by 324.3% in the 1st quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker's stock worth $504,209,000 after purchasing an additional 4,036,326 shares during the last quarter. Canada Pension Plan Investment Board grew its position in shares of Shopify by 34.4% during 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 buying an additional 1,522,573 shares during the last quarter. Mackenzie Financial Corp grew its position in shares of Shopify by 19.7% during the 1st quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock valued at $822,745,000 after buying an additional 1,426,406 shares during the last quarter. Finally, Alliancebernstein L.P. grew its position in shares of Shopify by 24.6% during the 1st quarter. Alliancebernstein L.P. now owns 5,554,420 shares of the software maker's stock valued at $530,336,000 after buying an additional 1,094,840 shares during the last quarter. Institutional investors own 69.27% of the company's stock.

Shopify Trading Up 0.8%

NASDAQ SHOP opened at $157.76 on Friday. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $169.69. The stock has a market cap of $205.03 billion, a price-to-earnings ratio of 88.13, a price-to-earnings-growth ratio of 7.33 and a beta of 2.72. The company has a 50-day moving average price of $148.00 and a two-hundred day moving average price of $120.99.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted its earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $2.55 billion. During the same quarter in the prior year, the firm earned $0.26 EPS. Shopify's quarterly revenue was up 31.1% on a year-over-year basis. As a group, equities research analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Benchmark reaffirmed a "buy" rating and set a $140.00 price objective (up previously from $125.00) on shares of Shopify in a research report on Tuesday, August 5th. Loop Capital downgraded shares of Shopify from a "buy" rating to a "hold" rating and set a $120.00 price objective for the company. in a research report on Tuesday, July 22nd. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Shopify in a research report on Wednesday, October 8th. Arete Research raised shares of Shopify to a "hold" rating in a research report on Wednesday, July 23rd. Finally, Arete reaffirmed a "neutral" rating on shares of Shopify in a research report on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, twenty-two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $152.76.

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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