iA Global Asset Management Inc. grew its holdings in Shopify Inc. (NASDAQ:SHOP – Free Report) (TSE:SHOP) by 42.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 201,884 shares of the software maker’s stock after purchasing an additional 60,560 shares during the period. iA Global Asset Management Inc.’s holdings in Shopify were worth $32,497,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of SHOP. Twin Peaks Wealth Advisors LLC grew its holdings in Shopify by 1.7% during the 3rd quarter. Twin Peaks Wealth Advisors LLC now owns 3,448 shares of the software maker’s stock worth $512,000 after acquiring an additional 59 shares during the period. Moloney Securities Asset Management LLC grew its holdings in Shopify by 1.8% during the 3rd quarter. Moloney Securities Asset Management LLC now owns 3,951 shares of the software maker’s stock worth $587,000 after acquiring an additional 70 shares during the period. Seros Financial LLC grew its holdings in Shopify by 2.7% during the 3rd quarter. Seros Financial LLC now owns 2,856 shares of the software maker’s stock worth $424,000 after acquiring an additional 75 shares during the period. First Affirmative Financial Network grew its holdings in Shopify by 3.4% during the 3rd quarter. First Affirmative Financial Network now owns 2,275 shares of the software maker’s stock worth $338,000 after acquiring an additional 75 shares during the period. Finally, TBH Global Asset Management LLC grew its holdings in Shopify by 1.2% during the 4th quarter. TBH Global Asset Management LLC now owns 6,438 shares of the software maker’s stock worth $1,036,000 after acquiring an additional 75 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.
Analyst Ratings Changes
A number of research firms have commented on SHOP. Stifel Nicolaus set a $115.00 target price on shares of Shopify and gave the stock a “hold” rating in a report on Wednesday, February 11th. Citigroup reduced their price target on shares of Shopify from $163.00 to $156.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. BMO Capital Markets reduced their price target on shares of Shopify from $160.00 to $145.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 6th. Needham & Company LLC reissued a “buy” rating and set a $180.00 price target on shares of Shopify in a research report on Tuesday, May 5th. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $170.00 price target on shares of Shopify in a research report on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $158.42.
Shopify Stock Up 2.9%
Shares of NASDAQ SHOP opened at $100.28 on Friday. The company’s fifty day moving average is $119.12 and its 200-day moving average is $138.41. The stock has a market cap of $130.13 billion, a price-to-earnings ratio of 99.29, a P/E/G ratio of 2.81 and a beta of 2.64. Shopify Inc. has a twelve month low of $94.00 and a twelve month high of $182.19.
Shopify (NASDAQ:SHOP – Get Free Report) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $998.78. The company had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Shopify had a net margin of 10.77% and a return on equity of 12.07%. On average, research analysts anticipate that Shopify Inc. will post 1.36 EPS for the current fiscal year.
About Shopify
Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.
Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.
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