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

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

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its stake in shares of Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock worth $2,252,000 after buying an additional 584 shares during the last quarter. AQR Capital Management LLC grew its stake in Shopify by 107.3% in the 1st quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock valued at $1,392,000 after buying an additional 7,544 shares during the last quarter. Sivia Capital Partners LLC raised its holdings in Shopify by 6.6% in the 2nd quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker’s stock worth $945,000 after acquiring an additional 506 shares during the period. Osterweis Capital Management Inc. bought a new position in Shopify in the 2nd quarter worth $53,000. Finally, Main Street Financial Solutions LLC lifted its position in Shopify by 15.3% during the 2nd quarter. Main Street Financial Solutions LLC now owns 11,131 shares of the software maker’s stock worth $1,284,000 after acquiring an additional 1,479 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SHOP. Piper Sandler reaffirmed an “overweight” rating and issued a $150.00 price target (down from $165.00) on shares of Shopify in a research report on Tuesday, May 5th. Wells Fargo & Company reissued an “overweight” rating and set a $180.00 price objective (up from $144.00) on shares of Shopify in a research report on Friday, August 7th. Morgan Stanley lowered Shopify from an “overweight” rating to a “buy” rating in a report on Monday, July 13th. Royal Bank Of Canada set a $180.00 price target on Shopify and gave the stock an “outperform” rating in a report on Wednesday, August 26th. Finally, BMO Capital Markets set a $165.00 price objective on Shopify and gave the company an “outperform” rating in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, thirty-five have given a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and a consensus price target of $170.84.

Shopify Stock Performance

Shares of SHOP opened at $152.90 on Monday. The stock’s 50-day moving average price is $130.97 and its 200 day moving average price is $121.79. The company has a quick ratio of 5.35, a current ratio of 5.35 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $196.73 billion, a price-to-earnings ratio of 103.31, a P/E/G ratio of 3.12 and a beta of 2.58. Shopify Inc. has a 12-month low of $94.00 and a 12-month high of $182.19.

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