TD Private Client Wealth LLC Raises Position in Shopify Inc. $SHOP

TD Private Client Wealth LLC increased its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 219.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,443 shares of the software maker’s stock after purchasing an additional 10,613 shares during the period. TD Private Client Wealth LLC’s holdings in Shopify were worth $2,486,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Mowery & Schoenfeld Wealth Management LLC purchased a new position in shares of Shopify during the 4th quarter worth about $29,000. Lodestone Wealth Management LLC acquired a new position in Shopify during the fourth quarter worth approximately $31,000. Sound Income Strategies LLC raised its stake in Shopify by 82.4% during the fourth quarter. Sound Income Strategies LLC now owns 197 shares of the software maker’s stock worth $31,000 after purchasing an additional 89 shares during the period. JPL Wealth Management LLC acquired a new position in shares of Shopify in the 3rd quarter valued at $32,000. Finally, Navalign LLC purchased a new stake in shares of Shopify during the 4th quarter valued at $34,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shares of NASDAQ:SHOP opened at $101.01 on Wednesday. The business’s 50-day simple moving average is $117.88 and its 200 day simple moving average is $137.06. The company has a market cap of $131.08 billion, a P/E ratio of 100.01, a PEG ratio of 2.87 and a beta of 2.64. Shopify Inc. has a one year low of $94.00 and a one year high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $998.78. The firm had revenue of $3.17 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Shopify had a return on equity of 12.07% and a net margin of 10.77%. Analysts predict that Shopify Inc. will post 1.36 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SHOP. TD Cowen raised Shopify from a “hold” rating to a “buy” rating and set a $159.00 target price on the stock in a research report on Wednesday, February 11th. Citizens Jmp cut their price objective on Shopify from $160.00 to $150.00 and set a “market outperform” rating on the stock in a report on Wednesday, May 6th. TD Securities upgraded Shopify from a “hold” rating to a “buy” rating and set a $159.00 target price for the company in a report on Thursday, February 12th. Cantor Fitzgerald restated a “neutral” rating and issued a $126.00 price target (down from $181.00) on shares of Shopify in a report on Thursday, February 12th. Finally, Piper Sandler reiterated an “overweight” rating and set a $150.00 price objective (down from $165.00) on shares of Shopify in a research note on Tuesday, May 5th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $158.42.

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.