American Century Companies Inc. Increases Stake in Shopify Inc. (NYSE:SHOP)

American Century Companies Inc. grew its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 61.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,444,714 shares of the software maker’s stock after purchasing an additional 547,700 shares during the period. American Century Companies Inc. owned approximately 0.11% of Shopify worth $95,439,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Tradition Wealth Management LLC lifted its position in Shopify by 7.5% during the fourth quarter. Tradition Wealth Management LLC now owns 2,007 shares of the software maker’s stock valued at $156,000 after purchasing an additional 140 shares during the last quarter. Willis Johnson & Associates Inc. lifted its position in Shopify by 5.8% in the first quarter. Willis Johnson & Associates Inc. now owns 2,728 shares of the software maker’s stock valued at $211,000 after purchasing an additional 149 shares during the last quarter. Nations Financial Group Inc. IA ADV raised its holdings in Shopify by 3.2% during the 4th quarter. Nations Financial Group Inc. IA ADV now owns 4,839 shares of the software maker’s stock valued at $377,000 after buying an additional 150 shares during the last quarter. Valley National Advisers Inc. boosted its position in Shopify by 11.4% during the 1st quarter. Valley National Advisers Inc. now owns 1,482 shares of the software maker’s stock valued at $114,000 after buying an additional 152 shares during the period. Finally, Sheaff Brock Investment Advisors LLC grew its holdings in Shopify by 1.3% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 12,890 shares of the software maker’s stock worth $1,004,000 after acquiring an additional 160 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Wolfe Research initiated coverage on Shopify in a research report on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 price objective on the stock. Morgan Stanley upped their price target on Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. Bank of America upgraded Shopify from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $78.00 to $82.00 in a report on Tuesday, July 16th. Evercore upped their target price on shares of Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $77.37.

Shopify Stock Performance

Shopify stock opened at $72.45 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. Shopify Inc. has a 12 month low of $45.50 and a 12 month high of $91.57. The company has a market cap of $93.36 billion, a price-to-earnings ratio of -426.18, a price-to-earnings-growth ratio of 2.40 and a beta of 2.35. The stock’s 50-day moving average is $67.38 and its 200-day moving average is $68.41.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, topping the consensus estimate of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. During the same period in the previous year, the company posted ($0.08) EPS. Shopify’s revenue for the quarter was up 20.7% on a year-over-year basis. Equities analysts anticipate that Shopify Inc. will post 0.76 earnings per share for the current 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.