Truvestments Capital LLC Purchases 8,940 Shares of Shopify Inc. $SHOP

Key Points

• Truvestments Capital LLC significantly boosted its stake in Shopify Inc. by 1,576.7% during the first quarter, acquiring an additional 8,940 shares, bringing its total holdings to 9,507 shares valued at approximately $908,000.
• A range of institutional investors have also increased their holdings in Shopify, with Vanguard Group owning nearly 48 million shares valued at over $4.5 billion.
• Analysts have generally given Shopify a positive outlook, with a consensus rating of "Moderate Buy" and a price target of $148.51, amidst recent upgrades from firms like Canaccord Genuity and Bank of America.

Truvestments Capital LLC increased its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 1,576.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,507 shares of the software maker's stock after purchasing an additional 8,940 shares during the period. Truvestments Capital LLC's holdings in Shopify were worth $908,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Shopify by 1.9% in the first quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker's stock valued at $4,563,106,000 after purchasing an additional 882,168 shares during the last quarter. Mackenzie Financial Corp increased its holdings in Shopify by 19.7% in the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock valued at $822,745,000 after purchasing an additional 1,426,406 shares during the last quarter. Nuveen LLC acquired a new position in Shopify in the first quarter valued at about $667,392,000. Massachusetts Financial Services Co. MA grew its stake in Shopify by 21.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker's stock valued at $539,382,000 after acquiring an additional 979,598 shares during the period. Finally, Jennison Associates LLC grew its stake in Shopify by 324.3% in the first quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker's stock valued at $504,209,000 after acquiring an additional 4,036,326 shares during the period. Institutional investors own 69.27% of the company's stock.

Analyst Ratings Changes

A number of research firms have issued reports on SHOP. Canaccord Genuity Group boosted their target price on Shopify from $115.00 to $165.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Scotiabank reiterated a "sector perform" rating and set a $150.00 target price (up previously from $115.00) on shares of Shopify in a report on Thursday, August 7th. Bank of America upped their target price on Shopify from $110.00 to $185.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. BNP Paribas lowered Shopify from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 5th. Finally, Needham & Company LLC began coverage on Shopify in a research note on Monday, July 14th. They issued a "buy" rating and a $135.00 price objective on the stock. Twenty-four equities research analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $148.51.

Shopify Stock Performance

Shares of SHOP opened at $140.85 on Wednesday. Shopify Inc. has a 52 week low of $65.86 and a 52 week high of $156.85. The stock has a market capitalization of $183.06 billion, a price-to-earnings ratio of 90.87, a PEG ratio of 4.82 and a beta of 2.63. The stock has a fifty day moving average of $125.88 and a 200-day moving average of $110.15.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. Shopify had a return on equity of 12.00% and a net margin of 22.74%.The company had revenue of $2.68 billion during the quarter, compared to analysts' expectations of $2.55 billion. During the same period in the prior year, the company earned $0.26 EPS. Shopify's revenue was up 31.1% compared to the same quarter last year. As a group, equities analysts forecast that Shopify Inc. will post 1.12 EPS for the current 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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