World Asset Management Inc Invests $401,000 in Shopify Inc. (SHOP)
World Asset Management Inc purchased a new stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SH) during the second quarter, Holdings Channel reports. The fund purchased 4,613 shares of the software maker’s stock, valued at approximately $401,000.
Several other large investors have also recently made changes to their positions in SHOP. FMR LLC boosted its stake in shares of Shopify by 1.5% in the first quarter. FMR LLC now owns 11,571,684 shares of the software maker’s stock worth $787,916,000 after buying an additional 171,294 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Shopify by 4.7% in the first quarter. Renaissance Technologies LLC now owns 1,347,000 shares of the software maker’s stock worth $91,732,000 after buying an additional 61,000 shares during the last quarter. Scge Management L.P. boosted its stake in shares of Shopify by 16.7% in the first quarter. Scge Management L.P. now owns 1,015,000 shares of the software maker’s stock worth $69,111,000 after buying an additional 145,000 shares during the last quarter. Morgan Stanley boosted its stake in shares of Shopify by 117.8% in the first quarter. Morgan Stanley now owns 643,902 shares of the software maker’s stock worth $43,843,000 after buying an additional 348,254 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Shopify during the fourth quarter worth about $14,251,000. 61.47% of the stock is owned by institutional investors and hedge funds.
Shares of Shopify Inc. (NYSE:SHOP) opened at 91.71 on Friday. Shopify Inc. has a 52-week low of $37.00 and a 52-week high of $105.79. The firm’s market cap is $9.04 billion. The stock’s 50 day moving average price is $92.14 and its 200-day moving average price is $77.97.
Shopify (NYSE:SHOP) (TSE:SH) last released its quarterly earnings results on Tuesday, August 1st. The software maker reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.05. Shopify had a negative return on equity of 8.26% and a negative net margin of 8.96%. The firm had revenue of $151.70 million for the quarter, compared to analyst estimates of $143.94 million. During the same quarter in the previous year, the company posted ($0.04) EPS. The business’s revenue was up 75.2% on a year-over-year basis. On average, analysts forecast that Shopify Inc. will post ($0.05) EPS for the current year.
SHOP has been the subject of a number of research analyst reports. Canaccord Genuity reiterated a “buy” rating and set a $90.00 price target (up from $68.00) on shares of Shopify in a report on Tuesday, May 2nd. Roth Capital set a $82.00 price target on Shopify and gave the stock a “buy” rating in a report on Tuesday, April 25th. Mackie reiterated a “buy” rating and set a $95.00 price target (up from $70.00) on shares of Shopify in a report on Sunday, April 23rd. Eight Capital upgraded Shopify from a “neutral” rating to a “buy” rating in a report on Wednesday, May 3rd. Finally, Industrial Alliance Securities upped their price target on Shopify from $87.00 to $134.00 and gave the stock a “buy” rating in a report on Friday, May 26th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $88.33.
Shopify Company Profile
Shopify Inc (Shopify) provides a cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company offers subscription solutions and merchant solutions. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts and marketplaces.
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