Momentum Wealth Planning LLC Makes New $436,000 Investment in Shopify Inc. $SHOP

Momentum Wealth Planning LLC acquired a new stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 3,783 shares of the software maker’s stock, valued at approximately $436,000.

Other large investors have also made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in Shopify by 171.3% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker’s stock valued at $48,827,000 after purchasing an additional 267,271 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Shopify by 4.4% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,231,257 shares of the software maker’s stock valued at $603,425,000 after acquiring an additional 218,829 shares during the last quarter. Oppenheimer Asset Management Inc. raised its position in shares of Shopify by 9.6% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 400,389 shares of the software maker’s stock valued at $46,185,000 after acquiring an additional 35,113 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Shopify by 2.6% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 2,622,495 shares of the software maker’s stock worth $301,869,000 after acquiring an additional 67,260 shares during the last quarter. Finally, ARK Investment Management LLC boosted its stake in Shopify by 13.6% during the 2nd quarter. ARK Investment Management LLC now owns 5,049,508 shares of the software maker’s stock worth $582,461,000 after acquiring an additional 605,283 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of NASDAQ:SHOP opened at $164.19 on Monday. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $182.19. The company has a market capitalization of $213.75 billion, a P/E ratio of 121.62, a price-to-earnings-growth ratio of 6.10 and a beta of 2.82. The company has a 50-day simple moving average of $159.60 and a 200 day simple moving average of $140.02.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.03. Shopify had a return on equity of 11.72% and a net margin of 16.65%.The firm had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.75 billion. As a group, equities analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SHOP. Stifel Nicolaus set a $175.00 target price on shares of Shopify in a report on Tuesday, November 4th. DZ Bank raised Shopify from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 6th. KeyCorp lifted their price target on shares of Shopify from $175.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th. Raymond James Financial restated a “market perform” rating on shares of Shopify in a report on Monday, December 1st. Finally, Barclays set a $140.00 price objective on shares of Shopify and gave the company an “equal weight” rating in a research report on Wednesday, November 5th. Twenty-two analysts have rated the stock with a Buy rating and twenty-three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Shopify has a consensus rating of “Hold” and a consensus target price of $166.53.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.