AIA Group Ltd Raises Holdings in Shopify Inc. (NYSE:SHOP)

AIA Group Ltd increased its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 19.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 158,363 shares of the software maker's stock after purchasing an additional 26,311 shares during the quarter. AIA Group Ltd's holdings in Shopify were worth $12,691,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Norden Group LLC bought a new stake in shares of Shopify in the 1st quarter valued at approximately $213,000. Envestnet Portfolio Solutions Inc. increased its position in Shopify by 1.6% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 26,259 shares of the software maker's stock worth $2,026,000 after buying an additional 405 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of Shopify in the first quarter worth about $2,741,000. Empowered Funds LLC boosted its stake in shares of Shopify by 15.4% during the 1st quarter. Empowered Funds LLC now owns 12,708 shares of the software maker's stock worth $981,000 after acquiring an additional 1,694 shares in the last quarter. Finally, Hilltop National Bank acquired a new position in shares of Shopify during the 1st quarter valued at about $162,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on SHOP shares. JMP Securities restated a "market outperform" rating and issued a $80.00 price objective on shares of Shopify in a research note on Tuesday, September 10th. UBS Group upped their target price on shares of Shopify from $71.00 to $75.00 and gave the company a "neutral" rating in a research report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Shopify from $80.00 to $85.00 and gave the stock a "buy" rating in a report on Thursday, August 8th. Bank of America raised Shopify from a "neutral" rating to a "buy" rating and increased their target price for the stock from $78.00 to $82.00 in a research note on Tuesday, July 16th. Finally, Citigroup lifted their price objective on shares of Shopify from $90.00 to $103.00 and gave the company a "buy" rating in a report on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Shopify presently has a consensus rating of "Moderate Buy" and an average target price of $81.03.

Shopify Price Performance

SHOP traded up $1.03 during trading on Friday, reaching $86.58. 5,359,701 shares of the company traded hands, compared to its average volume of 8,976,345. The company has a market cap of $111.72 billion, a P/E ratio of 87.36, a PEG ratio of 2.74 and a beta of 2.36. The firm has a fifty day simple moving average of $77.90 and a 200 day simple moving average of $69.61. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $91.57.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.06. The company had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The firm's revenue for the quarter was up 20.7% compared to the same quarter last year. During the same period last year, the firm earned ($0.08) EPS. On average, equities analysts forecast that Shopify Inc. will post 0.76 EPS for the current year.

Shopify Company 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.