Titleist Asset Management LLC Sells 4,936 Shares of Shopify Inc. $SHOP

Key Points

• Titleist Asset Management LLC reduced its stake in Shopify Inc. by 27.8%, selling 4,936 shares and holding a total of 12,828 shares valued at approximately $1,225,000.
• Several institutional investors, including Nuveen LLC and Jennison Associates LLC, have significantly increased their positions in Shopify during the first quarter, contributing to a total institutional ownership of 69.27%.
• Analysts have raised their price targets for Shopify, with Royal Bank of Canada setting a new target of $170.00 and a consensus price target now at $150.27, reflecting a positive outlook for the stock.

Titleist Asset Management LLC lessened its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 27.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 12,828 shares of the software maker's stock after selling 4,936 shares during the period. Titleist Asset Management LLC's holdings in Shopify were worth $1,225,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Nuveen LLC bought a new position in shares of Shopify in the 1st quarter worth about $667,392,000. Jennison Associates LLC raised 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 acquiring an additional 4,036,326 shares in the last quarter. Durable Capital Partners LP raised its position in shares of Shopify by 86.9% in the 4th quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker's stock worth $420,041,000 after acquiring an additional 1,836,294 shares in the last quarter. Canada Pension Plan Investment Board raised its position in shares of 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 worth $565,504,000 after acquiring an additional 1,522,573 shares in the last quarter. Finally, Mackenzie Financial Corp raised its position in shares of Shopify by 19.7% in the 1st 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. Institutional investors own 69.27% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on SHOP. Royal Bank Of Canada lifted their price objective on Shopify from $145.00 to $170.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Wedbush lifted their price objective on Shopify from $115.00 to $160.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Canaccord Genuity Group lifted their price objective on Shopify from $115.00 to $165.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Loop Capital cut shares of 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 shares of Shopify from $110.00 to $145.00 and gave the stock 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 issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Shopify presently has a consensus rating of "Moderate Buy" and a consensus price target of $150.27.

Shopify Stock Performance

SHOP opened at $141.28 on Friday. The firm has a market cap of $183.62 billion, a P/E ratio of 91.15, a PEG ratio of 4.82 and a beta of 2.63. The firm has a 50-day moving average of $127.97 and a 200 day moving average of $110.55. Shopify Inc. has a fifty-two week low of $65.86 and a fifty-two week high of $156.85.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.06. The company had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. Shopify had a net margin of 22.74% and a return on equity of 12.00%. The firm's revenue for the quarter was up 31.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.26 earnings per share. Equities research analysts predict 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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