Sciencast Management LP Takes $731,000 Position in Shopify Inc. $SHOP

by · The Markets Daily

Sciencast Management LP purchased a new stake in Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 7,654 shares of the software maker’s stock, valued at approximately $731,000.

A number of other large investors have also made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of Shopify by 1.9% in the first 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 in the last quarter. Mackenzie Financial Corp lifted its holdings in Shopify by 19.7% in the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker’s stock valued at $822,745,000 after acquiring an additional 1,426,406 shares during the last quarter. Nuveen LLC acquired a new position in Shopify in the first quarter valued at approximately $667,392,000. Canada Pension Plan Investment Board lifted its holdings in 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 valued at $565,504,000 after acquiring an additional 1,522,573 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in Shopify by 21.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker’s stock valued at $539,382,000 after acquiring an additional 979,598 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shares of SHOP stock opened at $146.22 on Tuesday. The stock’s 50-day moving average is $131.54 and its two-hundred day moving average is $111.18. The firm has a market cap of $190.04 billion, a price-to-earnings ratio of 94.34, a PEG ratio of 4.82 and a beta of 2.69. Shopify Inc. has a 1 year low of $66.95 and a 1 year high of $156.85.

Shopify (NYSE:SHOP – Get Free Report) (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, topping the consensus estimate of $0.29 by $0.06. Shopify had a return on equity of 12.00% and a net margin of 22.74%.The company had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. During the same quarter last year, the company posted $0.26 earnings per share. The business’s quarterly revenue was up 31.1% compared to the same quarter last year. As a group, research analysts predict that Shopify Inc. will post 1.12 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. CIBC upped their price objective on Shopify from $145.00 to $185.00 and gave the company an “outperform” rating in a report on Thursday, August 7th. Royal Bank Of Canada upped their price target on Shopify from $145.00 to $170.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. National Bankshares upped their price target on Shopify from $140.00 to $180.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. JMP Securities upped their price target on Shopify from $135.00 to $185.00 and gave the stock a “market outperform” rating in a research note on Thursday, August 7th. Finally, Truist Financial upped their price target on Shopify from $95.00 to $150.00 and gave the stock a “hold” rating in a research note on Thursday, August 7th. Twenty-four equities research analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $150.27.

Check Out Our Latest Stock Analysis on SHOP

Shopify Profile

(Free Report)

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.

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