Acadian Asset Management LLC Acquires 26,885 Shares of Shopify Inc. (NYSE:SHOP)

Acadian Asset Management LLC boosted its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 90.9% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 56,463 shares of the software maker’s stock after acquiring an additional 26,885 shares during the quarter. Acadian Asset Management LLC’s holdings in Shopify were worth $3,727,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the business. Private Wealth Management Group LLC bought a new stake in shares of Shopify during the fourth quarter valued at approximately $26,000. DSM Capital Partners LLC bought a new stake in Shopify during the 4th quarter valued at $28,000. Jones Financial Companies Lllp purchased a new stake in shares of Shopify in the 4th quarter worth $28,000. Cultivar Capital Inc. bought a new position in shares of Shopify during the 2nd quarter worth $33,000. Finally, OLD Point Trust & Financial Services N A purchased a new position in shares of Shopify during the fourth quarter valued at $39,000. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Down 0.3 %

Shares of SHOP stock opened at $71.31 on Friday. Shopify Inc. has a twelve month low of $45.50 and a twelve month high of $91.57. The stock has a market cap of $91.90 billion, a P/E ratio of -419.47, a P/E/G ratio of 2.25 and a beta of 2.35. The stock has a 50 day moving average of $67.28 and a 200 day moving average of $68.45. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.06. The firm had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.01 billion. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The business’s revenue was up 20.7% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.08) EPS. As a group, sell-side analysts expect that Shopify Inc. will post 0.76 EPS for the current year.

Analyst Ratings Changes

A number of analysts recently weighed in on SHOP shares. Bank of America raised shares of Shopify from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $78.00 to $82.00 in a research note on Tuesday, July 16th. JPMorgan Chase & Co. increased their price objective on shares of Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. Barclays boosted their price objective on shares of Shopify from $63.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 8th. Evercore increased their target price on Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. Finally, Loop Capital boosted their price target on Shopify from $68.00 to $80.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $77.37.

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.