Rathbones Group PLC Acquires 278,263 Shares of Shopify Inc. (NYSE:SHOP)

Rathbones Group PLC increased its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 33.1% during the second quarter, according to its most recent filing with the SEC. The fund owned 1,119,859 shares of the software maker’s stock after buying an additional 278,263 shares during the quarter. Rathbones Group PLC owned 0.09% of Shopify worth $73,967,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Capital World Investors lifted its holdings in Shopify by 26.2% during the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after purchasing an additional 10,340,040 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Shopify by 1.7% in the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock valued at $3,309,154,000 after purchasing an additional 713,064 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Shopify by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock valued at $2,642,265,000 after acquiring an additional 5,982,434 shares during the period. GQG Partners LLC lifted its position in shares of Shopify by 197.9% during the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after acquiring an additional 13,885,473 shares in the last quarter. Finally, Capital International Investors boosted its holdings in shares of Shopify by 3.4% in the first quarter. Capital International Investors now owns 16,392,141 shares of the software maker’s stock worth $1,264,982,000 after acquiring an additional 542,503 shares during the period. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Up 1.6 %

Shares of NYSE SHOP opened at $72.45 on Friday. The company has a market cap of $93.36 billion, a price-to-earnings ratio of -426.18, a PEG ratio of 2.40 and a beta of 2.35. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The firm’s fifty day moving average is $67.38 and its 200 day moving average is $68.36. Shopify Inc. has a 52 week low of $45.50 and a 52 week high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, beating the consensus estimate of $0.20 by $0.06. The firm had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The company’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.08) earnings per share. On average, equities research analysts expect that Shopify Inc. will post 0.76 earnings per share for the current year.

Analyst Upgrades and Downgrades

SHOP has been the topic of a number of analyst reports. Argus upgraded Shopify to a “strong-buy” rating in a research note on Thursday, August 8th. KeyCorp initiated coverage on Shopify in a research report on Thursday, July 25th. They set an “overweight” rating and a $80.00 price target on the stock. Truist Financial cut their price objective on shares of Shopify from $65.00 to $55.00 and set a “hold” rating for the company in a research report on Tuesday, August 6th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $85.00 target price on shares of Shopify in a report on Thursday, August 8th. Finally, DZ Bank downgraded shares of Shopify from a “hold” rating to a “sell” rating in a report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.37.

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.