Platinum Investment Management Ltd. Makes New $1.31 Million Investment in Shopify Inc. $SHOP

Platinum Investment Management Ltd. purchased a new position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,161 shares of the software maker’s stock, valued at approximately $1,314,000.

Other large investors have also modified their holdings of the company. First Affirmative Financial Network increased its holdings in Shopify by 3.4% in the third quarter. First Affirmative Financial Network now owns 2,275 shares of the software maker’s stock valued at $338,000 after buying an additional 75 shares during the last quarter. TBH Global Asset Management LLC increased its holdings in Shopify by 1.2% in the fourth quarter. TBH Global Asset Management LLC now owns 6,438 shares of the software maker’s stock valued at $1,036,000 after buying an additional 75 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in Shopify by 13.9% in the second quarter. Smartleaf Asset Management LLC now owns 631 shares of the software maker’s stock valued at $72,000 after acquiring an additional 77 shares in the last quarter. Dynamic Advisor Solutions LLC boosted its stake in Shopify by 2.6% in the fourth quarter. Dynamic Advisor Solutions LLC now owns 3,164 shares of the software maker’s stock valued at $509,000 after acquiring an additional 80 shares in the last quarter. Finally, Pacific Sage Partners LLC boosted its stake in Shopify by 3.9% in the fourth quarter. Pacific Sage Partners LLC now owns 2,133 shares of the software maker’s stock valued at $343,000 after acquiring an additional 80 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on SHOP. Citigroup decreased their price objective on shares of Shopify from $163.00 to $156.00 and set a “buy” rating for the company in a research note on Wednesday, May 6th. Oppenheimer restated an “outperform” rating and issued a $175.00 price objective on shares of Shopify in a research note on Wednesday, May 6th. Needham & Company LLC restated a “buy” rating and issued a $180.00 price objective on shares of Shopify in a research note on Tuesday, May 5th. UBS Group restated a “neutral” rating on shares of Shopify in a research note on Thursday, May 28th. Finally, Truist Financial set a $150.00 price objective on shares of Shopify and gave the company a “buy” rating in a research note on Tuesday, February 17th. 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 company. Based on data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and an average price target of $157.17.

Shopify Stock Performance

Shares of SHOP opened at $108.24 on Friday. Shopify Inc. has a fifty-two week low of $94.00 and a fifty-two week high of $182.19. The company has a market capitalization of $140.46 billion, a price-to-earnings ratio of 107.17, a price-to-earnings-growth ratio of 3.10 and a beta of 2.60. The firm has a 50-day simple moving average of $113.99 and a 200-day simple moving average of $131.61.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share for the quarter, topping the consensus estimate of $0.22 by $998.78. Shopify had a net margin of 10.77% and a return on equity of 12.07%. The business had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $3.08 billion. Equities research analysts forecast that Shopify Inc. will post 1.36 EPS for the current 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.