Shopify Inc. $SHOP Position Raised by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. raised its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 9.6% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 400,389 shares of the software maker’s stock after buying an additional 35,113 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Shopify were worth $46,185,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Whipplewood Advisors LLC lifted its stake in Shopify by 502.2% in the second quarter. Whipplewood Advisors LLC now owns 1,096 shares of the software maker’s stock valued at $126,000 after buying an additional 914 shares during the last quarter. Boothe Investment Group Inc. raised its stake in shares of Shopify by 1.3% during the second quarter. Boothe Investment Group Inc. now owns 49,458 shares of the software maker’s stock valued at $5,705,000 after purchasing an additional 631 shares in the last quarter. Sage Mountain Advisors LLC bought a new stake in shares of Shopify during the second quarter valued at about $221,000. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Shopify by 4.4% during the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,231,257 shares of the software maker’s stock valued at $603,425,000 after purchasing an additional 218,829 shares in the last quarter. Finally, Generali Investments Towarzystwo Funduszy Inwestycyjnych raised its stake in shares of Shopify by 30.2% during the second quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 2,800 shares of the software maker’s stock valued at $323,000 after purchasing an additional 650 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on SHOP. BMO Capital Markets lifted their price objective on shares of Shopify from $120.00 to $180.00 and gave the company an “outperform” rating in a research note on Thursday, August 7th. JPMorgan Chase & Co. lifted their price objective on shares of Shopify from $115.00 to $179.00 and gave the company an “overweight” rating in a research note on Thursday, August 7th. Benchmark restated a “buy” rating and set a $140.00 price objective (up from $125.00) on shares of Shopify in a research note on Tuesday, August 5th. CIBC lifted their price objective on shares of Shopify from $145.00 to $185.00 and gave the company an “outperform” rating in a research note on Thursday, August 7th. Finally, Phillip Securities cut shares of Shopify from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, twenty-two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $153.30.

Shopify Price Performance

Shares of SHOP opened at $172.95 on Friday. The company has a market capitalization of $224.78 billion, a price-to-earnings ratio of 96.62, a P/E/G ratio of 8.10 and a beta of 2.72. The business’s 50-day moving average is $149.93 and its 200-day moving average is $124.17. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $174.74.

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

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.