Asset Management One Co. Ltd. Raises Position in Shopify Inc. (NYSE:SHOP)

Asset Management One Co. Ltd. increased its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 61.7% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 99,620 shares of the software maker’s stock after buying an additional 37,996 shares during the period. Asset Management One Co. Ltd.’s holdings in Shopify were worth $7,984,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Oliver Lagore Vanvalin Investment Group increased its stake in Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after acquiring an additional 200 shares during the last quarter. Cultivar Capital Inc. bought a new position in Shopify in the second quarter valued at $33,000. Hazlett Burt & Watson Inc. bought a new position in Shopify in the second quarter valued at $33,000. Rosenberg Matthew Hamilton increased its stake in Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after acquiring an additional 133 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new position in Shopify in the second quarter valued at $39,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on SHOP shares. Wolfe Research started coverage on Shopify in a research note on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 target price on the stock. Argus raised Shopify to a “strong-buy” rating in a research note on Thursday, August 8th. Barclays raised their price objective on Shopify from $65.00 to $70.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 1st. Royal Bank of Canada raised their price objective on Shopify from $85.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Finally, Morgan Stanley raised their price objective on Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $81.03.

Shopify Price Performance

SHOP stock opened at $85.62 on Friday. The firm has a 50 day moving average price of $77.90 and a 200-day moving average price of $69.61. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $91.57. The firm has a market capitalization of $110.48 billion, a price-to-earnings ratio of 87.30, a PEG ratio of 2.62 and a beta of 2.36. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32.

Shopify (NYSE:SHOP) (TSE:SHOP) last released 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. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The firm had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.01 billion. During the same period last year, the business earned ($0.08) earnings per share. The business’s revenue was up 20.7% on a year-over-year basis. Equities research analysts forecast that Shopify Inc. will post 0.76 EPS for the current fiscal year.

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.