Shopify Inc. $SHOP Stock Position Boosted by Aviso Financial Inc.

Key Points

• Aviso Financial Inc. increased its stake in Shopify by 26.8% in Q1, owning 38,354 shares worth approximately $3.65 million.
• Analysts have mixed views on Shopify's stock, with price targets ranging from $95.00 to $185.00, and a consensus rating of "Moderate Buy" with an average price target of $148.51.
• Shopify reported a 31.1% year-over-year revenue increase for the last quarter, with earnings of $0.35 per share, exceeding estimates.

Aviso Financial Inc. raised its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 26.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 38,354 shares of the software maker's stock after buying an additional 8,107 shares during the quarter. Aviso Financial Inc.'s holdings in Shopify were worth $3,650,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of SHOP. Brighton Jones LLC lifted its stake in Shopify by 2.8% during the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock valued at $2,252,000 after buying an additional 584 shares in the last quarter. Forum Financial Management LP lifted its position in shares of Shopify by 70.8% in the fourth quarter. Forum Financial Management LP now owns 7,125 shares of the software maker's stock worth $758,000 after purchasing an additional 2,953 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Shopify by 5.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 496,188 shares of the software maker's stock worth $52,761,000 after purchasing an additional 26,416 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Shopify in the fourth quarter worth approximately $17,248,000. Finally, Mirabella Financial Services LLP purchased a new stake in shares of Shopify in the fourth quarter worth approximately $1,897,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on SHOP shares. Jefferies Financial Group reduced their price target on shares of Shopify from $130.00 to $110.00 and set a "hold" rating for the company in a research report on Monday, May 5th. Truist Financial raised their price objective on shares of Shopify from $95.00 to $150.00 and gave the company a "hold" rating in a research report on Thursday, August 7th. CIBC increased their price target on Shopify from $145.00 to $185.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Wells Fargo & Company increased their price target on Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Finally, Morgan Stanley increased their price target on Shopify from $106.00 to $112.00 and gave the company an "overweight" rating in a report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and twenty-four have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $148.51.

Shopify Stock Down 1.9%

Shares of SHOP stock opened at $141.47 on Monday. The stock has a 50-day moving average price of $121.52 and a 200 day moving average price of $109.02. The firm has a market cap of $183.54 billion, a price-to-earnings ratio of 91.27, a PEG 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 announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. The firm had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. Shopify had a return on equity of 12.00% and a net margin of 22.74%. The company's revenue was up 31.1% on a year-over-year basis. During the same period last year, the company earned $0.26 earnings per share. Sell-side analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

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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