Clearbridge Investments LLC Purchases 1,657,251 Shares of Shopify Inc. (NYSE:SHOP)

Clearbridge Investments LLC raised its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 54.2% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,714,691 shares of the software maker’s stock after acquiring an additional 1,657,251 shares during the quarter. Clearbridge Investments LLC’s holdings in Shopify were worth $311,404,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Truist Financial Corp lifted its holdings in Shopify by 12.5% in the second quarter. Truist Financial Corp now owns 550,550 shares of the software maker’s stock valued at $36,364,000 after acquiring an additional 61,014 shares during the period. Kimelman & Baird LLC bought a new position in Shopify in the second quarter worth approximately $132,000. Connective Capital Management LLC bought a new position in Shopify in the second quarter worth approximately $1,163,000. Regal Investment Advisors LLC boosted its stake in shares of Shopify by 3.0% during the 2nd quarter. Regal Investment Advisors LLC now owns 31,977 shares of the software maker’s stock worth $2,112,000 after acquiring an additional 942 shares during the last quarter. Finally, Seaport Global Advisors LLC grew its position in shares of Shopify by 6.6% during the 2nd quarter. Seaport Global Advisors LLC now owns 13,672 shares of the software maker’s stock valued at $903,000 after acquiring an additional 847 shares during the period. Institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

Shares of SHOP stock opened at $80.15 on Tuesday. Shopify Inc. has a twelve month low of $45.50 and a twelve month high of $91.57. The stock has a market capitalization of $103.29 billion, a price-to-earnings ratio of -471.47, a P/E/G ratio of 2.69 and a beta of 2.35. The stock has a fifty day simple moving average of $70.25 and a two-hundred day simple moving average of $68.48. 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 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The company had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.01 billion. During the same quarter in the prior year, the company posted ($0.08) earnings per share. Shopify’s revenue for the quarter was up 20.7% compared to the same quarter last year. On average, analysts predict that Shopify Inc. will post 0.76 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have commented on SHOP. Deutsche Bank Aktiengesellschaft upped their price target on Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Morgan Stanley lifted their price target on shares of Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Wells Fargo & Company increased their price objective on shares of Shopify from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 11th. Roth Mkm lifted their target price on shares of Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Finally, Piper Sandler restated a “neutral” rating and issued a $67.00 price objective on shares of Shopify in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $78.26.

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.