DekaBank Deutsche Girozentrale Purchases 28,639 Shares of Shopify Inc. (NYSE:SHOP)

DekaBank Deutsche Girozentrale boosted its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 5.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 523,257 shares of the software maker’s stock after purchasing an additional 28,639 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Shopify were worth $40,838,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SHOP. Baillie Gifford & Co. lifted its position in Shopify by 2.3% during the 4th quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock worth $4,998,476,000 after buying an additional 1,419,749 shares in the last quarter. Capital World Investors raised its stake in shares of Shopify by 26.2% in the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after acquiring an additional 10,340,040 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Shopify by 1.7% during the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after purchasing an additional 713,064 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Shopify by 21.2% during the first 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 purchasing an additional 5,982,434 shares during the last quarter. Finally, GQG Partners LLC increased its holdings in shares of Shopify by 197.9% in the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after purchasing an additional 13,885,473 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have issued reports on SHOP shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Shopify in a report on Thursday, May 9th. Benchmark reiterated a “hold” rating on shares of Shopify in a report on Tuesday, May 7th. Loop Capital dropped their price objective on Shopify from $90.00 to $80.00 and set a “hold” rating for the company in a report on Monday, April 15th. JPMorgan Chase & Co. started coverage on shares of Shopify in a research report on Tuesday, June 11th. They set an “overweight” rating and a $74.00 price target for the company. Finally, Morgan Stanley upgraded shares of Shopify from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $74.00 to $85.00 in a report on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and twenty-three have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $77.62.

Shopify Stock Performance

SHOP stock traded down $3.74 during midday trading on Friday, reaching $54.43. 18,357,852 shares of the company were exchanged, compared to its average volume of 8,092,817. The firm has a market capitalization of $70.14 billion, a price-to-earnings ratio of -320.18, a price-to-earnings-growth ratio of 3.36 and a beta of 2.30. The business has a 50-day moving average price of $63.09 and a two-hundred day moving average price of $70.52. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.14 and a quick ratio of 7.14.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Wednesday, May 8th. The software maker reported $0.12 EPS for the quarter, topping the consensus estimate of $0.08 by $0.04. The business had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.84 billion. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. Equities research analysts forecast that Shopify Inc. will post 0.62 EPS for the current year.

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.