Quantitative Investment Management LLC Has $9.05 Million Position in Shopify Inc. $SHOP

Quantitative Investment Management LLC boosted its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 8.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 79,275 shares of the software maker’s stock after acquiring an additional 5,888 shares during the quarter. Shopify accounts for about 1.0% of Quantitative Investment Management LLC’s investment portfolio, making the stock its 20th biggest position. Quantitative Investment Management LLC’s holdings in Shopify were worth $9,051,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in SHOP. Norges Bank acquired a new position in shares of Shopify in the 4th quarter worth approximately $2,611,797,000. Sands Capital Management LLC boosted its stake in Shopify by 37.0% in the 4th quarter. Sands Capital Management LLC now owns 9,506,036 shares of the software maker’s stock valued at $1,530,187,000 after buying an additional 2,568,765 shares in the last quarter. Invesco Ltd. boosted its stake in Shopify by 9.8% in the 4th quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker’s stock valued at $2,257,796,000 after buying an additional 1,252,074 shares in the last quarter. Thrivent Financial for Lutherans grew its position in Shopify by 7,207.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 1,148,259 shares of the software maker’s stock valued at $184,883,000 after acquiring an additional 1,132,545 shares during the period. Finally, Select Equity Group L.P. grew its position in Shopify by 92.5% in the second quarter. Select Equity Group L.P. now owns 2,246,473 shares of the software maker’s stock valued at $259,124,000 after acquiring an additional 1,079,494 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

SHOP has been the subject of a number of analyst reports. Rothschild & Co Redburn set a $130.00 price objective on Shopify and gave the company a “neutral” rating in a report on Tuesday, July 21st. Wedbush upped their target price on shares of Shopify from $155.00 to $176.00 and gave the stock an “outperform” rating in a report on Thursday, August 6th. Bank of America started coverage on shares of Shopify in a research report on Tuesday, July 7th. They set a “buy” rating and a $150.00 target price for the company. Morgan Stanley lowered shares of Shopify from an “overweight” rating to a “buy” rating in a research report on Monday, July 13th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $180.00 price objective on shares of Shopify in a research note on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $170.84.

Shopify Price Performance

Shopify stock opened at $152.90 on Monday. The business’s fifty day moving average is $130.97 and its two-hundred day moving average is $121.79. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.35 and a current ratio of 5.35. The firm has a market cap of $196.73 billion, a P/E ratio of 103.31, a P/E/G ratio of 3.12 and a beta of 2.58. Shopify Inc. has a 52 week low of $94.00 and a 52 week high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings results on Wednesday, August 5th. The software maker reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. The business had revenue of $3.58 billion during the quarter. Shopify had a return on equity of 12.58% and a net margin of 14.53%.The business’s quarterly revenue was up 33.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.69 earnings per share. Equities research analysts forecast that Shopify Inc. will post 1.45 earnings per share for the current fiscal year.

Shopify Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.