Total Clarity Wealth Management Inc. Has $1.20 Million Stake in Shopify Inc. $SHOP

Total Clarity Wealth Management Inc. grew its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 104.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,098 shares of the software maker’s stock after acquiring an additional 5,160 shares during the period. Total Clarity Wealth Management Inc.’s holdings in Shopify were worth $1,198,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of SHOP. First Affirmative Financial Network increased 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 valued at $338,000 after purchasing an additional 75 shares in the last quarter. TBH Global Asset Management LLC boosted its stake 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 worth $1,036,000 after purchasing an additional 75 shares in the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of Shopify by 13.9% during the second quarter. Smartleaf Asset Management LLC now owns 631 shares of the software maker’s stock worth $72,000 after purchasing an additional 77 shares during the last quarter. Dynamic Advisor Solutions LLC grew its holdings in shares of Shopify by 2.6% during the fourth quarter. Dynamic Advisor Solutions LLC now owns 3,164 shares of the software maker’s stock worth $509,000 after purchasing an additional 80 shares during the last quarter. Finally, Pacific Sage Partners LLC increased its stake in shares of 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 buying an additional 80 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Down 0.8%

Shares of SHOP stock opened at $107.98 on Tuesday. The stock has a 50-day moving average price of $113.08 and a 200 day moving average price of $129.46. The firm has a market cap of $140.12 billion, a price-to-earnings ratio of 106.91, a PEG ratio of 2.99 and a beta of 2.60. Shopify Inc. has a 12 month low of $94.00 and a 12 month high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings data 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 return on equity of 12.07% and a net margin of 10.77%.The firm had revenue of $3.17 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Sell-side analysts predict that Shopify Inc. will post 1.39 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently issued reports on SHOP. Canaccord Genuity Group reduced their price target on shares of Shopify from $165.00 to $145.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. Royal Bank Of Canada restated an “outperform” rating and issued a $170.00 price objective on shares of Shopify in a research report on Wednesday, May 6th. Piper Sandler reaffirmed an “overweight” rating and issued a $150.00 target price (down from $165.00) on shares of Shopify in a research note on Tuesday, May 5th. Robert W. Baird set a $150.00 target price on shares of Shopify in a research note on Wednesday, May 6th. Finally, Oppenheimer reiterated an “outperform” rating and set a $175.00 target price on shares of Shopify in a research report on Wednesday, May 6th. Two 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. According to data from MarketBeat.com, Shopify has an average rating of “Moderate Buy” and a consensus price target of $157.17.

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.