Shell Asset Management Co. Purchases 16,686 Shares of Shopify Inc. $SHOP

Shell Asset Management Co. raised its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 57.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 45,499 shares of the software maker’s stock after purchasing an additional 16,686 shares during the quarter. Shell Asset Management Co.’s holdings in Shopify were worth $5,238,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. True Vision MN LLC grew its stake in shares of Shopify by 4.0% during the 2nd quarter. True Vision MN LLC now owns 3,983 shares of the software maker’s stock valued at $459,000 after purchasing an additional 153 shares during the period. KPP Advisory Services LLC bought a new position in shares of Shopify during the 2nd quarter valued at approximately $233,000. Belpointe Asset Management LLC bought a new position in shares of Shopify during the 2nd quarter valued at approximately $224,000. PUREfi Wealth LLC grew its stake in shares of Shopify by 12.6% during the 2nd quarter. PUREfi Wealth LLC now owns 5,581 shares of the software maker’s stock valued at $644,000 after acquiring an additional 625 shares during the period. Finally, DAVENPORT & Co LLC grew its stake in shares of Shopify by 2.9% during the 2nd quarter. DAVENPORT & Co LLC now owns 24,535 shares of the software maker’s stock valued at $2,830,000 after acquiring an additional 688 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Shopify Price Performance

SHOP stock opened at $164.50 on Tuesday. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $169.69. The company has a market capitalization of $213.79 billion, a price-to-earnings ratio of 91.90, a PEG ratio of 7.64 and a beta of 2.72. The business has a 50 day simple moving average of $143.53 and a two-hundred day simple moving average of $117.76.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its 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. The firm 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%.The company’s quarterly revenue was up 31.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.26 EPS. Sell-side analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SHOP. Robert W. Baird boosted their price objective on Shopify from $110.00 to $120.00 and gave the company an “outperform” rating in a research note on Monday, July 14th. Citigroup boosted their price objective on Shopify from $155.00 to $195.00 and gave the company a “buy” rating in a research note on Friday, August 8th. Benchmark reiterated a “buy” rating and set a $140.00 price objective (up from $125.00) on shares of Shopify in a research note on Tuesday, August 5th. Mizuho boosted their price objective on Shopify from $85.00 to $150.00 and gave the company a “neutral” rating in a research note on Thursday, August 7th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Shopify in a research note on Saturday, September 27th. Twenty-two research analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $150.59.

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.