Kayne Anderson Rudnick Investment Management LLC Grows Stake in Shopify Inc. (NYSE:SHOP)

Kayne Anderson Rudnick Investment Management LLC increased its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 38.2% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 469,075 shares of the software maker’s stock after purchasing an additional 129,699 shares during the period. Kayne Anderson Rudnick Investment Management LLC’s holdings in Shopify were worth $30,982,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. DSM Capital Partners LLC purchased a new stake in Shopify during the 4th quarter worth approximately $28,000. Jones Financial Companies Lllp acquired a new stake in shares of Shopify in the fourth quarter worth approximately $28,000. Cultivar Capital Inc. purchased a new stake in shares of Shopify during the second quarter worth approximately $33,000. Hazlett Burt & Watson Inc. purchased a new stake in shares of Shopify during the second quarter worth approximately $33,000. Finally, OLD Point Trust & Financial Services N A acquired a new position in Shopify in the 4th quarter valued at $39,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SHOP has been the topic of several recent research reports. Wedbush reaffirmed a “neutral” rating and set a $72.00 target price (up previously from $68.00) on shares of Shopify in a research note on Wednesday, August 7th. Roth Mkm boosted their price target on shares of Shopify from $77.00 to $79.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. KeyCorp started coverage on shares of Shopify in a report on Thursday, July 25th. They issued an “overweight” rating and a $80.00 price objective for the company. Evercore raised their target price on shares of Shopify from $75.00 to $80.00 in a research note on Thursday, August 8th. Finally, Bank of America upgraded Shopify from a “neutral” rating to a “buy” rating and upped their price target for the company from $78.00 to $82.00 in a research report on Tuesday, July 16th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $77.92.

Shopify Stock Up 0.1 %

Shares of SHOP opened at $78.72 on Friday. The company’s 50-day simple moving average is $68.41 and its 200-day simple moving average is $68.38. 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 1 year low of $45.50 and a 1 year high of $91.57. The stock has a market capitalization of $101.45 billion, a PE ratio of -463.06, a P/E/G ratio of 2.47 and a beta of 2.35.

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