Coatue Management LLC Buys 156,824 Shares of Shopify Inc. (NYSE:SHOP)

Coatue Management LLC grew its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 60.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 414,822 shares of the software maker’s stock after purchasing an additional 156,824 shares during the period. Shopify makes up 2.4% of Coatue Management LLC’s investment portfolio, making the stock its 17th largest holding. Coatue Management LLC owned approximately 0.33% of Shopify worth $606,046,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in SHOP. Delos Wealth Advisors LLC bought a new stake in Shopify during the second quarter worth about $35,000. Atlas Private Wealth Advisors bought a new stake in Shopify during the second quarter worth about $37,000. JNBA Financial Advisors bought a new stake in Shopify during the second quarter worth about $37,000. Selective Wealth Management Inc. bought a new stake in Shopify during the second quarter worth about $37,000. Finally, Stonebridge Capital Advisors LLC purchased a new position in Shopify in the first quarter worth about $30,000. 60.06% of the stock is currently owned by hedge funds and other institutional investors.

SHOP has been the subject of several recent analyst reports. Argus lifted their target price on shares of Shopify from $1,650.00 to $1,850.00 and gave the stock a “buy” rating in a report on Thursday, July 29th. Credit Suisse Group lifted their target price on shares of Shopify from $1,400.00 to $1,700.00 and gave the stock a “neutral” rating in a report on Thursday, July 29th. Morgan Stanley lifted their target price on shares of Shopify from $1,400.00 to $1,500.00 and gave the stock an “equal weight” rating in a report on Thursday, July 29th. Barclays lifted their target price on shares of Shopify from $1,340.00 to $1,700.00 and gave the stock an “equal weight” rating in a report on Monday, June 28th. Finally, Wedbush lifted their target price on shares of Shopify from $1,650.00 to $1,800.00 and gave the stock an “outperform” rating in a report on Thursday, July 29th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nineteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Shopify currently has an average rating of “Buy” and an average price target of $1,635.59.

Shares of NYSE:SHOP traded up $21.84 during midday trading on Thursday, reaching $1,420.81. 20,964 shares of the company were exchanged, compared to its average volume of 1,259,590. The company has a current ratio of 16.55, a quick ratio of 16.55 and a debt-to-equity ratio of 0.10. The business’s fifty day moving average is $1,465.16 and its two-hundred day moving average is $1,359.17. Shopify Inc. has a one year low of $875.00 and a one year high of $1,650.00. The stock has a market cap of $177.26 billion, a PE ratio of 72.22, a price-to-earnings-growth ratio of 13.58 and a beta of 1.45.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Wednesday, July 28th. The software maker reported $2.24 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.23 by $2.01. Shopify had a net margin of 63.65% and a return on equity of 7.15%. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.04 billion. As a group, sell-side analysts expect that Shopify Inc. will post 3.95 EPS for the current year.

Shopify Profile

Shopify, Inc operates a cloud-based commerce platform designed for small and medium-sized businesses. Its software is used by merchants to run business across all sales channels, including web, tablet and mobile storefronts, social media storefronts, and brick-and-mortar and pop-up shops. The firm’s platform provides merchants with a single view of business and customers and enables them to manage products and inventory, process orders and payments, build customer relationships and leverage analytics and reporting.

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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