William Blair Investment Management LLC Has $1.31 Million Stock Position in Shopify Inc. $SHOP

Key Points

• William Blair Investment Management LLC significantly reduced its stake in Shopify by 98.6%, selling 791,064 shares and holding just 11,352 shares valued at approximately $1.31 million at the end of the second quarter.
• Shopify reported better-than-expected earnings with an EPS of $0.35, exceeding analysts' estimates of $0.29, and a revenue of $2.68 billion, up 31.1% year-over-year.
• Multiple investment firms have raised their price targets for Shopify, with Goldman Sachs boosting its target from $120 to $176 and Royal Bank of Canada from $170 to $200, indicating strong investor confidence.

William Blair Investment Management LLC lowered its holdings in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 98.6% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 11,352 shares of the software maker's stock after selling 791,064 shares during the quarter. William Blair Investment Management LLC's holdings in Shopify were worth $1,309,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SHOP. Family Legacy Financial Solutions LLC acquired a new stake in Shopify in the 2nd quarter valued at approximately $25,000. Tradewinds Capital Management LLC grew its holdings in Shopify by 71.4% in the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker's stock valued at $28,000 after buying an additional 100 shares during the last quarter. Coastline Trust Co acquired a new stake in Shopify in the 2nd quarter valued at approximately $29,000. Smithfield Trust Co grew its holdings in Shopify by 149.2% in the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after buying an additional 188 shares during the last quarter. Finally, Dagco Inc. bought a new stake in shares of Shopify in the 1st quarter worth approximately $30,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Price Performance

Shopify stock opened at $164.71 on Tuesday. The company has a market capitalization of $214.07 billion, a PE ratio of 92.02, a price-to-earnings-growth ratio of 7.39 and a beta of 2.72. Shopify Inc. has a one year low of $69.84 and a one year high of $169.69. The business has a 50 day simple moving average of $148.34 and a 200 day simple moving average of $122.02.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted 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 business had revenue of $2.68 billion during 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%.Shopify's revenue was up 31.1% on a year-over-year basis. During the same quarter last year, the company earned $0.26 EPS. Equities analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

SHOP has been the subject of a number of research reports. The Goldman Sachs Group raised their price objective on Shopify from $120.00 to $176.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Royal Bank Of Canada raised their price objective on Shopify from $170.00 to $200.00 and gave the stock an "outperform" rating in a research report on Friday. Zacks Research upgraded Shopify from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, October 14th. Benchmark reiterated a "buy" rating and issued a $140.00 price objective (up previously from $125.00) on shares of Shopify in a research report on Tuesday, August 5th. Finally, Evercore ISI raised their price objective on Shopify from $120.00 to $170.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, twenty-two have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $152.76.

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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