USS Investment Management Ltd raised its holdings in Shopify Inc. (NASDAQ:SHOP – Free Report) (TSE:SHOP) by 110.2% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 403,039 shares of the software maker’s stock after acquiring an additional 211,299 shares during the period. USS Investment Management Ltd’s holdings in Shopify were worth $47,823,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the business. M&T Bank Corp grew its stake in Shopify by 37.1% during the fourth quarter. M&T Bank Corp now owns 81,082 shares of the software maker’s stock worth $13,051,000 after buying an additional 21,945 shares during the period. Triasima Portfolio Management inc. raised its stake in shares of Shopify by 11.0% in the 4th quarter. Triasima Portfolio Management inc. now owns 182,338 shares of the software maker’s stock valued at $29,398,000 after acquiring an additional 18,028 shares during the period. Assetmark Inc. lifted its holdings in shares of Shopify by 6.7% during the 4th quarter. Assetmark Inc. now owns 213,583 shares of the software maker’s stock valued at $34,380,000 after acquiring an additional 13,415 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Shopify by 286.6% during the 4th quarter. SG Americas Securities LLC now owns 508,723 shares of the software maker’s stock valued at $81,889,000 after acquiring an additional 377,129 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in Shopify by 12.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 526,114 shares of the software maker’s stock worth $84,689,000 after purchasing an additional 59,745 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.
Analyst Ratings Changes
Several analysts recently issued reports on SHOP shares. Jefferies Financial Group reiterated a “hold” rating and issued a $140.00 price target (down from $150.00) on shares of Shopify in a report on Tuesday, May 5th. Needham & Company LLC reaffirmed a “buy” rating and issued a $180.00 target price on shares of Shopify in a research report on Tuesday, May 5th. Citigroup reiterated a “market outperform” rating on shares of Shopify in a research note on Thursday, June 18th. BMO Capital Markets dropped their target price on Shopify from $160.00 to $145.00 and set an “outperform” rating on the stock in a report on Wednesday, May 6th. Finally, Piper Sandler reiterated an “overweight” rating and set a $150.00 target price (down from $165.00) on shares of Shopify in a report on Tuesday, May 5th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $157.17.
Shopify Price Performance
Shopify stock opened at $114.18 on Wednesday. Shopify Inc. has a 12-month low of $94.00 and a 12-month high of $182.19. The company has a market capitalization of $148.17 billion, a price-to-earnings ratio of 113.05, a price-to-earnings-growth ratio of 3.14 and a beta of 2.60. The firm’s fifty day moving average price is $112.08 and its 200 day moving average price is $127.41.
Shopify (NASDAQ:SHOP – Get Free Report) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, May 5th. The software maker reported $999.00 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $998.78. The company had revenue of $3.17 billion during 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%. Analysts forecast that Shopify Inc. will post 1.39 earnings per share 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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