Trillium Asset Management LLC Acquires 6,512 Shares of Shopify Inc. (NYSE:SHOP)

Key Points

• Trillium Asset Management LLC has increased its stake in Shopify Inc. by 2.9%, owning 228,743 shares valued at approximately $21.84 million as of the latest reporting period.
• A total of 69.27% of Shopify's stock is held by institutional investors and hedge funds, indicating strong backing from major financial entities.
• Shopify's stock currently has an average target price of $148.51, with a mixture of analyst ratings including 24 buy, 18 hold, and 1 sell.

Trillium Asset Management LLC grew its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 2.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 228,743 shares of the software maker's stock after acquiring an additional 6,512 shares during the period. Trillium Asset Management LLC's holdings in Shopify were worth $21,840,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of SHOP. Capital World Investors lifted its stake in shares of Shopify by 0.9% during the 4th quarter. Capital World Investors now owns 53,102,707 shares of the software maker's stock worth $5,646,455,000 after buying an additional 496,982 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Shopify by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker's stock worth $4,563,106,000 after buying an additional 882,168 shares during the last quarter. Capital International Investors lifted its stake in shares of Shopify by 2.7% during the 4th quarter. Capital International Investors now owns 36,516,305 shares of the software maker's stock worth $3,883,039,000 after buying an additional 968,026 shares during the last quarter. Mackenzie Financial Corp lifted its stake 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 worth $822,745,000 after buying an additional 1,426,406 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in Shopify in the 1st quarter worth about $667,392,000. Institutional investors own 69.27% of the company's stock.

Shopify Price Performance

SHOP stock traded up $0.79 during trading on Wednesday, reaching $150.09. 6,656,284 shares of the company were exchanged, compared to its average volume of 10,501,883. The company has a 50-day moving average of $120.13 and a two-hundred day moving average of $108.72. The company has a market capitalization of $194.72 billion, a price-to-earnings ratio of 96.83, a P/E/G ratio of 4.82 and a beta of 2.63. Shopify Inc. has a twelve month low of $65.86 and a twelve month high of $156.85.

Shopify (NYSE: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, topping analysts' consensus estimates of $0.29 by $0.06. Shopify had a net margin of 22.74% and a return on equity of 12.00%. The firm had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. During the same period in the previous year, the firm posted $0.26 EPS. The company's revenue for the quarter was up 31.1% compared to the same quarter last year. On average, analysts forecast that Shopify Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

SHOP has been the subject of several analyst reports. Oppenheimer lifted their price objective on shares of Shopify from $140.00 to $180.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. UBS Group lifted their price objective on shares of Shopify from $110.00 to $145.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Stifel Nicolaus lifted their price objective on shares of Shopify from $110.00 to $150.00 and gave the stock a "hold" rating in a research note on Thursday, August 7th. Arete Research upgraded shares of Shopify to a "hold" rating in a research note on Wednesday, July 23rd. Finally, Wells Fargo & Company lifted their price objective on shares of Shopify from $107.00 to $125.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. One equities research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat, Shopify presently has a consensus rating of "Moderate Buy" and an average target price of $148.51.

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.