Westbourne Investments Inc. Invests $448,000 in Shopify Inc. $SHOP

Key Points

• Westbourne Investments Inc. has acquired a new stake in Shopify Inc., purchasing 4,692 shares valued at approximately $448,000 in the first quarter.
• Several institutional investors have significantly increased their positions in Shopify, with Acadian Asset Management raising its holdings by 198% to now own 169,463 shares valued at $16.17 million.
• Research analysts have a positive outlook on Shopify, with many raising target prices; National Bankshares increased their target from $140 to $180, maintaining an "outperform" rating.

Westbourne Investments Inc. purchased a new position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,692 shares of the software maker's stock, valued at approximately $448,000.

Other large investors have also added to or reduced their stakes in the company. Nuveen LLC acquired a new stake in shares of Shopify in the 1st quarter valued at $667,392,000. Jennison Associates LLC boosted its holdings 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 valued at $504,209,000 after purchasing an additional 4,036,326 shares in the last quarter. Canada Pension Plan Investment Board boosted its holdings 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 valued at $565,504,000 after purchasing an additional 1,522,573 shares in the last quarter. Mackenzie Financial Corp boosted its holdings 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 valued at $822,745,000 after purchasing an additional 1,426,406 shares in the last quarter. Finally, Voloridge Investment Management LLC acquired a new stake in shares of Shopify in the 4th quarter valued at $125,334,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Stock Down 1.1%

SHOP traded down $1.65 during midday trading on Friday, hitting $143.38. 4,910,276 shares of the company were exchanged, compared to its average volume of 5,435,396. The firm has a market capitalization of $186.35 billion, a P/E ratio of 80.10, a P/E/G ratio of 6.87 and a beta of 2.69. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $156.85. The firm's 50 day moving average price is $133.77 and its 200-day moving average price is $112.04.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last announced its earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping the consensus estimate of $0.29 by $0.06. The firm had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The business's quarterly revenue was up 31.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.26 EPS. On average, sell-side analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on SHOP. Truist Financial raised their target price on Shopify from $95.00 to $150.00 and gave the company a "hold" rating in a report on Thursday, August 7th. Wells Fargo & Company raised their target price on Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, June 6th. JPMorgan Chase & Co. raised their price objective on Shopify from $115.00 to $179.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Royal Bank Of Canada raised their price objective on Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Finally, Arete reissued a "neutral" rating on shares of Shopify in a report on Wednesday, July 23rd. Twenty-four analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Shopify has an average rating of "Moderate Buy" and an average 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.