WT Asset Management Ltd Buys New Stake in Shopify Inc. $SHOP

WT Asset Management Ltd acquired a new stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor acquired 222,200 shares of the software maker’s stock, valued at approximately $33,021,000. Shopify accounts for approximately 1.5% of WT Asset Management Ltd’s investment portfolio, making the stock its 19th largest holding.

Other hedge funds have also made changes to their positions in the company. Heartwood Wealth Advisors LLC bought a new position in shares of Shopify in the third quarter valued at approximately $27,000. Rothschild Investment LLC raised its stake in shares of Shopify by 47.5% during the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after buying an additional 75 shares during the last quarter. Financial Gravity Companies Inc. acquired a new position in shares of Shopify in the 2nd quarter valued at $27,000. Estabrook Capital Management acquired a new position in Shopify in the second quarter valued at about $29,000. Finally, Cornerstone Planning Group LLC boosted its stake in Shopify by 104.9% during the 3rd quarter. Cornerstone Planning Group LLC now owns 250 shares of the software maker’s stock worth $37,000 after acquiring an additional 128 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on SHOP shares. BNP Paribas Exane began coverage on Shopify in a report on Monday, November 24th. They issued a “neutral” rating for the company. JPMorgan Chase & Co. raised their price objective on Shopify from $179.00 to $180.00 and gave the company an “overweight” rating in a report on Wednesday, November 5th. DA Davidson boosted their target price on shares of Shopify from $185.00 to $195.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. DZ Bank raised Shopify from a “hold” rating to a “strong-buy” rating in a research report on Monday. Finally, UBS Group reduced their target price on shares of Shopify from $165.00 to $145.00 and set a “neutral” rating for the company in a report on Thursday, February 12th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and a consensus price target of $162.64.

Shopify Trading Up 1.1%

NASDAQ SHOP traded up $1.35 on Friday, hitting $125.15. 1,180,298 shares of the company’s stock were exchanged, compared to its average volume of 13,239,513. The stock has a 50-day moving average of $146.72 and a 200-day moving average of $150.52. The stock has a market cap of $162.93 billion, a price-to-earnings ratio of 134.57, a P/E/G ratio of 4.43 and a beta of 2.83. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $182.19.

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.