UniSuper Management Pty Ltd Raises Stake in Shopify Inc. (NYSE:SHOP)

UniSuper Management Pty Ltd increased its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 96.6% in the first quarter, Holdings Channel reports. The firm owned 17,100 shares of the software maker’s stock after acquiring an additional 8,400 shares during the period. UniSuper Management Pty Ltd’s holdings in Shopify were worth $1,320,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of SHOP. HB Wealth Management LLC grew its stake in shares of Shopify by 22.2% in the fourth quarter. HB Wealth Management LLC now owns 5,517 shares of the software maker’s stock valued at $430,000 after buying an additional 1,002 shares in the last quarter. CoreCap Advisors LLC acquired a new stake in Shopify in the fourth quarter valued at approximately $244,000. Salem Investment Counselors Inc. raised its stake in shares of Shopify by 1,112.0% during the fourth quarter. Salem Investment Counselors Inc. now owns 606 shares of the software maker’s stock valued at $47,000 after purchasing an additional 556 shares during the period. Raymond James & Associates lifted its position in shares of Shopify by 7.1% during the fourth quarter. Raymond James & Associates now owns 1,008,854 shares of the software maker’s stock worth $78,590,000 after purchasing an additional 66,967 shares in the last quarter. Finally, CVA Family Office LLC purchased a new position in shares of Shopify in the fourth quarter valued at $86,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Atb Cap Markets upgraded shares of Shopify from a “sector perform” rating to an “outperform” rating in a report on Wednesday, May 8th. Morgan Stanley upgraded Shopify from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $74.00 to $85.00 in a research note on Friday, April 19th. Citigroup raised their price objective on Shopify from $95.00 to $96.00 and gave the company a “buy” rating in a research note on Wednesday, June 26th. Royal Bank of Canada cut their target price on Shopify from $100.00 to $85.00 and set an “outperform” rating on the stock in a research report on Thursday, May 9th. Finally, Canaccord Genuity Group decreased their price target on shares of Shopify from $90.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, May 9th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and twenty-two have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $77.44.

Shopify Stock Performance

NYSE SHOP traded down $0.03 on Tuesday, hitting $62.66. The stock had a trading volume of 5,382,211 shares, compared to its average volume of 10,073,828. The company’s 50-day moving average is $62.95 and its two-hundred day moving average is $71.67. The stock has a market cap of $80.75 billion, a price-to-earnings ratio of -368.59, a P/E/G ratio of 3.67 and a beta of 2.30. The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.10. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, May 8th. The software maker reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.04. The business had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.84 billion. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. On average, analysts expect that Shopify Inc. will post 0.62 earnings per share for the current year.

Shopify 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.