Vestmark Advisory Solutions Inc. Purchases 5,503 Shares of Shopify Inc. (NYSE:SHOP)

Key Points

• Vestmark Advisory Solutions Inc. increased its stake in Shopify Inc. by acquiring an additional 5,503 shares, bringing its total holdings to 174,154 shares valued at approximately $16.6 million.
• Notable hedge fund activity includes Neuberger Berman Group LLC boosting its position by 44.1% and Gulf International Bank UK Ltd significantly increasing its holdings by 2,640.8%.
• Shopify reported $2.68 billion in revenue for the last quarter, surpassing analyst estimates and reflecting a 31.1% year-over-year increase in revenue.

Vestmark Advisory Solutions Inc. grew its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 3.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 174,154 shares of the software maker's stock after acquiring an additional 5,503 shares during the period. Vestmark Advisory Solutions Inc.'s holdings in Shopify were worth $16,628,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Neuberger Berman Group LLC grew its position in shares of Shopify by 44.1% in the 1st quarter. Neuberger Berman Group LLC now owns 478,839 shares of the software maker's stock valued at $45,657,000 after acquiring an additional 146,640 shares during the period. Gulf International Bank UK Ltd increased its holdings in shares of Shopify by 2,640.8% during the first quarter. Gulf International Bank UK Ltd now owns 69,727 shares of the software maker's stock worth $6,658,000 after purchasing an additional 67,183 shares during the period. Dagco Inc. bought a new stake in shares of Shopify in the first quarter valued at approximately $30,000. Russell Investments Group Ltd. boosted its stake in shares of Shopify by 2.9% in the first quarter. Russell Investments Group Ltd. now owns 1,480,439 shares of the software maker's stock valued at $141,356,000 after buying an additional 41,735 shares during the period. Finally, Rathbones Group PLC boosted its stake in shares of Shopify by 64.8% in the first quarter. Rathbones Group PLC now owns 1,472,149 shares of the software maker's stock valued at $140,560,000 after buying an additional 579,017 shares during the period. Institutional investors own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

SHOP has been the subject of a number of recent analyst reports. BNP Paribas downgraded shares of Shopify from a "strong-buy" rating to a "hold" rating in a report on Monday, May 5th. TD Securities upped their price target on shares of Shopify from $145.00 to $170.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Royal Bank Of Canada upped their price target on shares of Shopify from $145.00 to $170.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Evercore ISI upped their price target on shares of Shopify from $120.00 to $170.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Finally, Canaccord Genuity Group upped their price target on shares of Shopify from $115.00 to $165.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. One analyst has rated the stock with a sell rating, eighteen have issued a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $148.51.

Shopify Trading Up 0.5%

Shopify stock opened at $150.09 on Thursday. Shopify Inc. has a 1-year low of $65.86 and a 1-year high of $156.85. The firm has a market capitalization of $194.72 billion, a price-to-earnings ratio of 96.83, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. The firm's fifty day moving average price is $120.13 and its two-hundred day moving average price is $108.72.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released its quarterly earnings data 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 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 last year, the firm earned $0.26 earnings per share. The business's quarterly revenue was up 31.1% compared to the same quarter last year. On average, research analysts forecast that Shopify Inc. will post 1.12 EPS for the current year.

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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