World Investment Advisors Lowers Holdings in Shopify Inc. $SHOP

World Investment Advisors trimmed its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 2.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,508 shares of the software maker’s stock after selling 512 shares during the period. World Investment Advisors’ holdings in Shopify were worth $2,596,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in SHOP. Nuveen LLC purchased a new position in shares of Shopify in the first quarter valued at about $667,392,000. Jennison Associates LLC lifted its position in shares of Shopify by 118.1% in the second quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker’s stock worth $1,328,787,000 after buying an additional 6,238,829 shares in the last quarter. Canada Pension Plan Investment Board lifted its position in shares of Shopify by 34.4% in the first quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker’s stock worth $565,504,000 after buying an additional 1,522,573 shares in the last quarter. Mackenzie Financial Corp lifted its position in shares of Shopify by 19.7% in the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker’s stock worth $822,745,000 after buying an additional 1,426,406 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its position in shares of Shopify by 24.6% in the first quarter. Alliancebernstein L.P. now owns 5,554,420 shares of the software maker’s stock worth $530,336,000 after buying an additional 1,094,840 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Price Performance

Shares of SHOP stock opened at $173.61 on Friday. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $182.19. The stock’s 50 day simple moving average is $152.94 and its two-hundred day simple moving average is $126.64. The company has a market cap of $225.63 billion, a PE ratio of 96.99, a price-to-earnings-growth ratio of 8.38 and a beta of 2.72.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The business had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. During the same period in the prior year, the business posted $0.26 earnings per share. The company’s quarterly revenue was up 31.1% compared to the same quarter last year. Equities research analysts expect that Shopify Inc. will post 1.12 EPS for the current year.

Analysts Set New Price Targets

SHOP has been the topic of a number of research analyst reports. Evercore ISI boosted their target price on Shopify from $120.00 to $170.00 and gave the stock an “outperform” rating in a research report on Friday, August 8th. Canaccord Genuity Group boosted their target price on Shopify from $115.00 to $165.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Shopify in a research report on Wednesday, October 8th. The Goldman Sachs Group boosted their target price on Shopify from $120.00 to $176.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Finally, Arete Research upgraded Shopify to a “hold” rating in a research report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, twenty-two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $155.35.

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.