Zurich Insurance Group Ltd FI Invests $31.97 Million in Shopify Inc. $SHOP

Key Points

• Zurich Insurance Group Ltd FI invested approximately $31.97 million in Shopify Inc. during the first quarter, acquiring 334,839 shares of the company's stock.
• Analysts have raised their price targets for Shopify, with JMP Securities setting a target of $185.00 and Citigroup increasing theirs to $195.00, indicating positive sentiment for the stock.
• Shopify reported earnings per share (EPS) of $0.35 for the last quarter, exceeding expectations, with a significant year-over-year revenue increase of 31.1%.

Zurich Insurance Group Ltd FI purchased a new position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 334,839 shares of the software maker's stock, valued at approximately $31,970,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Fourth Dimension Wealth LLC acquired a new stake in shares of Shopify during the 4th quarter worth approximately $30,000. Smithfield Trust Co raised its position in shares of Shopify by 149.2% during the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock worth $30,000 after purchasing an additional 188 shares during the period. Dagco Inc. acquired a new stake in shares of Shopify during the 1st quarter worth approximately $30,000. Cary Street Partners Investment Advisory LLC raised its position in shares of Shopify by 86.8% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock worth $34,000 after purchasing an additional 165 shares during the period. Finally, Accent Capital Management LLC acquired a new stake in shares of Shopify during the 1st quarter worth approximately $46,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Atb Cap Markets cut Shopify from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 6th. KeyCorp reiterated an "overweight" rating and set a $175.00 price target (up from $145.00) on shares of Shopify in a research report on Thursday, August 7th. Cantor Fitzgerald set a $156.00 target price on Shopify and gave the company a "neutral" rating in a research report on Wednesday, August 27th. Royal Bank Of Canada raised their target price on Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Finally, Citigroup raised their target price on Shopify from $155.00 to $195.00 and gave the company a "buy" rating in a research report on Friday, August 8th. Twenty-four equities research analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Shopify has an average rating of "Moderate Buy" and a consensus price target of $150.27.

Shopify Stock Up 2.0%

NASDAQ SHOP traded up $2.83 on Thursday, reaching $145.03. 6,047,331 shares of the stock traded hands, compared to its average volume of 5,607,783. The firm's fifty day simple moving average is $133.25 and its 200 day simple moving average is $111.82. The company has a market cap of $188.49 billion, a price-to-earnings ratio of 81.02, a P/E/G ratio of 6.74 and a beta of 2.69. Shopify Inc. has a 12 month low of $69.63 and a 12 month high of $156.85.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. The firm had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The firm's quarterly revenue was up 31.1% on a year-over-year basis. During the same period last year, the company posted $0.26 EPS. As a group, equities research analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

About Shopify

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.