Simplicity Wealth LLC Has $3.62 Million Position in Shopify Inc. $SHOP

Simplicity Wealth LLC raised its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 51.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 24,385 shares of the software maker’s stock after purchasing an additional 8,298 shares during the period. Simplicity Wealth LLC’s holdings in Shopify were worth $3,624,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of SHOP. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Shopify by 171.3% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker’s stock worth $48,827,000 after purchasing an additional 267,271 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Shopify by 4.4% in the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,231,257 shares of the software maker’s stock valued at $603,425,000 after purchasing an additional 218,829 shares in the last quarter. TriaGen Wealth Management LLC bought a new position in Shopify in the 3rd quarter worth approximately $2,562,000. Oppenheimer Asset Management Inc. lifted its holdings in Shopify by 9.6% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 400,389 shares of the software maker’s stock worth $46,185,000 after buying an additional 35,113 shares in the last quarter. Finally, Triasima Portfolio Management inc. boosted its position in Shopify by 22.4% in the 3rd quarter. Triasima Portfolio Management inc. now owns 164,310 shares of the software maker’s stock valued at $24,416,000 after buying an additional 30,061 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on SHOP shares. JPMorgan Chase & Co. upped their price target on Shopify from $179.00 to $180.00 and gave the company an “overweight” rating in a research note on Wednesday, November 5th. Wedbush restated an “outperform” rating and set a $185.00 target price (up from $160.00) on shares of Shopify in a research report on Tuesday, November 4th. Citigroup reaffirmed a “market outperform” rating on shares of Shopify in a research note on Thursday, December 4th. Raymond James Financial reissued a “market perform” rating on shares of Shopify in a research note on Monday, December 1st. Finally, Wells Fargo & Company restated an “overweight” rating and issued a $198.00 price objective (up from $125.00) on shares of Shopify in a report on Wednesday, December 17th. Twenty-four equities research analysts have rated the stock with a Buy rating and twenty have issued a Hold rating to the stock. Based on data from MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and an average price target of $171.61.

Shopify Stock Performance

Shares of NASDAQ SHOP opened at $138.49 on Thursday. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $182.19. The firm has a 50 day moving average price of $159.33 and a 200 day moving average price of $150.19. The stock has a market cap of $180.29 billion, a P/E ratio of 102.59, a P/E/G ratio of 4.27 and a beta of 2.83.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.03. The firm had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.75 billion. Shopify had a return on equity of 11.72% and a net margin of 16.65%. Analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Shopify Company Profile

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.