Strs Ohio Invests $30.58 Million in Shopify Inc. $SHOP

Key Points

• Strs Ohio has made a significant investment of approximately $30.58 million in Shopify Inc., acquiring 320,763 shares during the first quarter, according to a recent SEC filing.
• Shopify reported a quarterly earnings per share of $0.35, exceeding analyst estimates, with a revenue increase of 31.1% year-over-year to $2.68 billion.
• Investment analysts have varied forecasts for Shopify, with price targets ranging from $120 to $185, while the stock maintains an average rating of "Moderate Buy" with a consensus target price of $150.27.

Strs Ohio bought a new position in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 320,763 shares of the software maker's stock, valued at approximately $30,577,000.

A number of other institutional investors have also recently modified their holdings of SHOP. Fourth Dimension Wealth LLC purchased a new stake in shares of Shopify in the fourth quarter worth $30,000. Smithfield Trust Co grew its stake in shares of Shopify by 149.2% in the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock worth $30,000 after acquiring an additional 188 shares during the last quarter. Dagco Inc. purchased a new stake in shares of Shopify during the first quarter valued at $30,000. Cary Street Partners Investment Advisory LLC boosted its position in shares of Shopify by 86.8% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock valued at $34,000 after buying an additional 165 shares during the last quarter. Finally, Accent Capital Management LLC purchased a new stake in shares of Shopify during the first quarter valued at $46,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Performance

SHOP stock opened at $145.03 on Friday. Shopify Inc. has a fifty-two week low of $69.63 and a fifty-two week high of $156.85. The business's 50-day moving average is $133.25 and its two-hundred day moving average is $111.82. The company has a market cap of $188.49 billion, a price-to-earnings ratio of 81.02, a P/E/G ratio of 6.74 and a beta of 2.69.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The company had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. During the same quarter in the prior year, the company earned $0.26 earnings per share. Shopify's revenue was up 31.1% on a year-over-year basis. Equities analysts predict that Shopify Inc. will post 1.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SHOP. Barclays increased their price objective on Shopify from $94.00 to $120.00 and gave the company an "equal weight" rating in a research report on Thursday, August 7th. National Bankshares increased their price objective on Shopify from $140.00 to $180.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. DA Davidson increased their price objective on Shopify from $125.00 to $185.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Loop Capital cut Shopify from a "buy" rating to a "hold" rating and set a $120.00 price objective on the stock. in a research report on Tuesday, July 22nd. Finally, UBS Group increased their price objective on Shopify from $110.00 to $145.00 and gave the company a "neutral" 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 issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $150.27.

Shopify Company 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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