IQ EQ FUND MANAGEMENT IRELAND Ltd Buys 58,384 Shares of Shopify Inc. $SHOP

IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 156.2% in the second quarter, HoldingsChannel.com reports. The firm owned 95,771 shares of the software maker’s stock after purchasing an additional 58,384 shares during the quarter. Shopify comprises 1.0% of IQ EQ FUND MANAGEMENT IRELAND Ltd’s investment portfolio, making the stock its 23rd largest position. IQ EQ FUND MANAGEMENT IRELAND Ltd’s holdings in Shopify were worth $11,047,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Shopify by 4.4% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,231,257 shares of the software maker’s stock valued at $603,425,000 after buying an additional 218,829 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in Shopify by 171.3% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker’s stock worth $48,827,000 after purchasing an additional 267,271 shares during the period. Oppenheimer Asset Management Inc. increased its position in Shopify by 9.6% in the second quarter. Oppenheimer Asset Management Inc. now owns 400,389 shares of the software maker’s stock worth $46,185,000 after purchasing an additional 35,113 shares during the period. ARK Investment Management LLC raised its holdings in Shopify by 13.6% during the 2nd quarter. ARK Investment Management LLC now owns 5,049,508 shares of the software maker’s stock worth $582,461,000 after purchasing an additional 605,283 shares during the last quarter. Finally, Avior Wealth Management LLC lifted its position in Shopify by 32.6% during the 2nd quarter. Avior Wealth Management LLC now owns 13,609 shares of the software maker’s stock valued at $1,570,000 after purchasing an additional 3,347 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Up 1.2%

Shares of NASDAQ SHOP opened at $175.06 on Tuesday. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $176.88. The stock has a market cap of $227.52 billion, a price-to-earnings ratio of 97.80, a P/E/G ratio of 8.10 and a beta of 2.72. The company’s fifty day moving average is $150.57 and its 200-day moving average is $124.98.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping the consensus estimate 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 quarter last year, the business posted $0.26 EPS. The firm’s revenue was up 31.1% compared to the same quarter last year. On average, research analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SHOP. Mizuho boosted their price target on shares of Shopify from $85.00 to $150.00 and gave the stock a “neutral” rating in a research note on Thursday, August 7th. TD Securities lifted their target price on shares of Shopify from $130.00 to $156.00 and gave the stock a “hold” rating in a report on Friday, October 3rd. Citigroup upped their target price on shares of Shopify from $155.00 to $195.00 and gave the company a “buy” rating in a research report on Friday, August 8th. JPMorgan Chase & Co. increased their price target on Shopify from $115.00 to $179.00 and gave the company an “overweight” rating in a research note on Thursday, August 7th. Finally, BMO Capital Markets raised their price target on Shopify from $120.00 to $180.00 and gave the stock an “outperform” rating in a research report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twenty-two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $153.30.

Shopify Company 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.