Thrivent Financial for Lutherans Has $2.91 Million Stock Position in Shopify Inc. (NYSE:SHOP)

Thrivent Financial for Lutherans lessened its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 96.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 44,064 shares of the software maker’s stock after selling 1,167,810 shares during the period. Thrivent Financial for Lutherans’ holdings in Shopify were worth $2,911,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. GQG Partners LLC lifted its position in shares of Shopify by 197.9% in the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after acquiring an additional 13,885,473 shares in the last quarter. Capital World Investors lifted its holdings in shares of Shopify by 26.2% in the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after purchasing an additional 10,340,040 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Shopify by 21.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after buying an additional 5,982,434 shares during the period. Toronto Dominion Bank raised its position in Shopify by 214.5% during the first quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock valued at $224,492,000 after buying an additional 1,983,996 shares during the period. Finally, William Blair Investment Management LLC lifted its stake in Shopify by 5,918.3% in the 1st quarter. William Blair Investment Management LLC now owns 1,930,003 shares of the software maker’s stock worth $148,938,000 after acquiring an additional 1,897,934 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Performance

NYSE SHOP opened at $79.21 on Monday. Shopify Inc. has a twelve month low of $45.50 and a twelve month high of $91.57. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The stock has a market cap of $102.08 billion, a P/E ratio of -465.94, a PEG ratio of 2.69 and a beta of 2.35. The company’s 50-day simple moving average is $69.90 and its 200 day simple moving average is $68.46.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SHOP. Wolfe Research initiated coverage on Shopify in a report on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 target price on the stock. Deutsche Bank Aktiengesellschaft increased their target price on shares of Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Piper Sandler restated a “neutral” rating and set a $67.00 price target on shares of Shopify in a report on Thursday, August 29th. Evercore lifted their price objective on Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. Finally, Citigroup dropped their target price on Shopify from $97.00 to $90.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $77.92.

Shopify Company 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.