Chevy Chase Trust Holdings LLC Acquires Shares of 3,765 Shopify Inc. $SHOP

Chevy Chase Trust Holdings LLC acquired a new stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 3,765 shares of the software maker’s stock, valued at approximately $434,000.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Shopify by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker’s stock valued at $4,563,106,000 after purchasing an additional 882,168 shares during the last quarter. Mackenzie Financial Corp grew its position in shares of Shopify by 19.7% in the 1st quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker’s stock valued at $822,745,000 after buying an additional 1,426,406 shares during the last quarter. Nuveen LLC purchased a new position in shares of Shopify in the 1st quarter valued at $667,392,000. Canada Pension Plan Investment Board grew its position in shares of Shopify by 34.4% in the 1st quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker’s stock valued at $565,504,000 after buying an additional 1,522,573 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in shares of Shopify by 21.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker’s stock valued at $539,382,000 after buying an additional 979,598 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SHOP has been the topic of a number of recent analyst reports. Mizuho increased their target price on shares of Shopify from $85.00 to $150.00 and gave the company a “neutral” rating in a research report on Thursday, August 7th. Atb Cap Markets cut Shopify from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 6th. Scotiabank reiterated a “sector perform” rating and issued a $150.00 price objective (up previously from $115.00) on shares of Shopify in a research note on Thursday, August 7th. KeyCorp reiterated an “overweight” rating and issued a $175.00 price objective (up previously from $145.00) on shares of Shopify in a research note on Thursday, August 7th. Finally, Loop Capital cut Shopify from a “buy” rating to a “hold” rating and set a $120.00 price objective for the company. in a research note on Tuesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twenty-two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Shopify currently has an average rating of “Moderate Buy” and a consensus price target of $152.76.

Shopify Stock Performance

Shares of Shopify stock opened at $162.64 on Wednesday. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $169.69. The company has a market capitalization of $211.38 billion, a P/E ratio of 90.86, a PEG ratio of 7.71 and a beta of 2.72. The company’s fifty day moving average is $148.61 and its two-hundred day moving average is $122.30.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping the consensus estimate of $0.29 by $0.06. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The company had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.55 billion. During the same quarter last year, the business earned $0.26 EPS. The business’s revenue was up 31.1% on a year-over-year basis. As a group, equities analysts expect that Shopify Inc. will post 1.12 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.