Shopify Inc. (NYSE:SHOP) Stock Position Decreased by China Universal Asset Management Co. Ltd.

China Universal Asset Management Co. Ltd. reduced its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 24.0% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 33,300 shares of the software maker's stock after selling 10,500 shares during the period. China Universal Asset Management Co. Ltd.'s holdings in Shopify were worth $2,669,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. GQG Partners LLC increased its holdings in Shopify by 197.9% during the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker's stock worth $1,613,006,000 after purchasing an additional 13,885,473 shares during the period. Capital World Investors increased its position in Shopify by 26.2% during the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker's stock valued at $3,840,332,000 after buying an additional 10,340,040 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Shopify by 21.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker's stock worth $2,642,265,000 after purchasing an additional 5,982,434 shares in the last quarter. Mackenzie Financial Corp grew its holdings in shares of Shopify by 49.9% during the second quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker's stock valued at $417,386,000 after buying an additional 2,102,939 shares during the last quarter. Finally, Toronto Dominion Bank raised its stake in shares of Shopify by 214.5% in the first quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker's stock worth $224,492,000 after purchasing an additional 1,983,996 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Evercore ISI upped their price objective on Shopify from $75.00 to $80.00 and gave the stock an "outperform" rating in a research report on Thursday, August 8th. Argus raised Shopify to a "strong-buy" rating in a research note on Thursday, August 8th. Barclays upped their price target on Shopify from $65.00 to $70.00 and gave the company an "equal weight" rating in a research report on Tuesday, October 1st. Benchmark reissued a "hold" rating on shares of Shopify in a research note on Tuesday, August 6th. Finally, UBS Group lifted their target price on Shopify from $71.00 to $75.00 and gave the company a "neutral" rating in a research report on Thursday, August 8th. One 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $80.21.

Shopify Stock Performance

SHOP traded up $0.53 during trading hours on Tuesday, hitting $80.40. 5,129,367 shares of the stock were exchanged, compared to its average volume of 9,128,874. The stock has a market cap of $103.61 billion, a price-to-earnings ratio of -473.18, a price-to-earnings-growth ratio of 2.65 and a beta of 2.36. Shopify Inc. has a 12 month low of $45.50 and a 12 month high of $91.57. The stock has a 50-day simple moving average of $77.22 and a 200-day simple moving average of $69.10. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.20 by $0.06. The business had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The business's revenue for the quarter was up 20.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.08) EPS. Analysts anticipate that Shopify Inc. will post 0.76 earnings per share 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.