CX Institutional Cuts Stock Position in Shopify Inc. $SHOP

CX Institutional decreased its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 24.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 939 shares of the software maker’s stock after selling 296 shares during the period. CX Institutional’s holdings in Shopify were worth $108,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of SHOP. Vanguard Group Inc. grew its holdings 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 boosted its position in 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 period. Nuveen LLC purchased a new position in Shopify in the 1st quarter valued at approximately $667,392,000. Canada Pension Plan Investment Board grew its stake 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 acquiring an additional 1,522,573 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in shares of Shopify by 21.0% during the first quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker’s stock worth $539,382,000 after acquiring an additional 979,598 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently issued reports on SHOP. Cantor Fitzgerald set a $156.00 target price on Shopify and gave the company a “neutral” rating in a report on Wednesday, August 27th. Robert W. Baird increased their price target on Shopify from $110.00 to $120.00 and gave the company an “outperform” rating in a research report on Monday, July 14th. UBS Group lifted their price objective on Shopify from $110.00 to $145.00 and gave the company a “neutral” rating in a research note on Thursday, August 7th. Bank of America upped their target price on shares of Shopify from $110.00 to $185.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. Finally, Arete reaffirmed a “neutral” rating on shares of Shopify in a report on Wednesday, July 23rd. Twenty-three analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $151.69.

Shopify Stock Down 0.7%

Shares of SHOP opened at $148.83 on Thursday. The company has a market capitalization of $193.43 billion, a price-to-earnings ratio of 83.15, a price-to-earnings-growth ratio of 7.10 and a beta of 2.69. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $159.01. The stock has a 50 day moving average price of $139.40 and a 200 day moving average price of $114.47.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $2.55 billion. During the same quarter last year, the company earned $0.26 earnings per share. The firm’s revenue for the quarter was up 31.1% on a year-over-year basis. On average, equities analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal 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.