Bamco Inc. NY Raises Stock Position in Shopify Inc. $SHOP

Bamco Inc. NY boosted its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 5.8% in the second quarter, HoldingsChannel.com reports. The fund owned 2,664,940 shares of the software maker’s stock after purchasing an additional 145,006 shares during the period. Shopify makes up about 0.8% of Bamco Inc. NY’s investment portfolio, making the stock its 23rd biggest position. Bamco Inc. NY’s holdings in Shopify were worth $307,401,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Shopify during the second quarter worth about $1,794,952,000. Jennison Associates LLC lifted its stake in Shopify by 118.1% in the 2nd quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker’s stock valued at $1,328,787,000 after buying an additional 6,238,829 shares in the last quarter. Brown Advisory Inc. boosted its holdings in Shopify by 5,193.6% in the 2nd quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker’s stock worth $238,419,000 after buying an additional 2,027,839 shares during the last quarter. Geode Capital Management LLC increased its stake in Shopify by 19.9% during the 2nd quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock worth $1,247,007,000 after buying an additional 1,781,530 shares in the last quarter. Finally, Picton Mahoney Asset Management increased its stake in Shopify by 246,359.0% during the 2nd quarter. Picton Mahoney Asset Management now owns 1,759,717 shares of the software maker’s stock worth $202,146,000 after buying an additional 1,759,003 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Shopify in a research note on Monday. JPMorgan Chase & Co. lifted their target price on shares of Shopify from $179.00 to $180.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 5th. BMO Capital Markets upped their target price on shares of Shopify from $180.00 to $190.00 and gave the stock an “outperform” rating in a report on Wednesday, November 5th. DZ Bank raised shares of Shopify from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 6th. Finally, Stifel Nicolaus set a $175.00 price target on shares of Shopify in a research report on Tuesday, November 4th. Twenty-two analysts have rated the stock with a Buy rating and twenty-three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Shopify has a consensus rating of “Hold” and a consensus price target of $166.53.

Shopify Trading Down 0.3%

Shares of SHOP stock opened at $164.19 on Friday. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $182.19. The company’s 50-day moving average price is $159.60 and its 200-day moving average price is $139.56. The stock has a market cap of $213.75 billion, a price-to-earnings ratio of 121.62, a PEG ratio of 6.12 and a beta of 2.82.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, November 4th. The software maker reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The company had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.75 billion. Shopify had a net margin of 16.65% and a return on equity of 11.72%. As a group, equities research analysts predict that Shopify Inc. will post 1.12 EPS for the current year.

Shopify 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.