Skandinaviska Enskilda Banken AB publ Has $10.71 Million Stake in Shopify Inc. (NYSE:SHOP)

Skandinaviska Enskilda Banken AB publ boosted its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 162,073 shares of the software maker’s stock after purchasing an additional 4,916 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Shopify were worth $10,705,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its position in Shopify by 9.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 469,529 shares of the software maker’s stock worth $36,576,000 after buying an additional 41,205 shares during the period. Coldstream Capital Management Inc. acquired a new position in shares of Shopify during the fourth quarter worth $251,000. Corient Private Wealth LLC grew its stake in shares of Shopify by 6.1% in the fourth quarter. Corient Private Wealth LLC now owns 82,347 shares of the software maker’s stock worth $6,415,000 after purchasing an additional 4,731 shares during the last quarter. CreativeOne Wealth LLC bought a new stake in shares of Shopify in the fourth quarter worth $307,000. Finally, Assetmark Inc. raised its position in Shopify by 14.1% during the 4th quarter. Assetmark Inc. now owns 46,379 shares of the software maker’s stock worth $3,613,000 after purchasing an additional 5,743 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Performance

Shares of SHOP stock opened at $78.72 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. The firm has a 50-day moving average of $68.41 and a 200-day moving average of $68.38. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57. The company has a market cap of $101.45 billion, a P/E ratio of -463.06, a P/E/G ratio of 2.47 and a beta of 2.35.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, beating the consensus estimate of $0.20 by $0.06. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The firm had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.01 billion. During the same quarter last year, the business posted ($0.08) EPS. The company’s revenue for the quarter was up 20.7% on a year-over-year basis. Equities research analysts forecast that Shopify Inc. will post 0.76 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on SHOP shares. The Goldman Sachs Group upped their price target on Shopify from $67.00 to $74.00 and gave the company a “buy” rating in a research report on Tuesday, May 28th. Royal Bank of Canada reissued an “outperform” rating and set a $85.00 target price on shares of Shopify in a research report on Thursday, August 8th. Bank of America upgraded shares of Shopify from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $78.00 to $82.00 in a research report on Tuesday, July 16th. Piper Sandler reiterated a “neutral” rating and set a $67.00 price objective on shares of Shopify in a research report on Thursday, August 29th. Finally, Truist Financial dropped their target price on shares of Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $77.92.

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.