Milestone Asset Management LLC Increases Stock Holdings in Shopify Inc. $SHOP

Milestone Asset Management LLC boosted its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 195.0% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 14,058 shares of the software maker’s stock after purchasing an additional 9,292 shares during the quarter. Milestone Asset Management LLC’s holdings in Shopify were worth $2,089,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in SHOP. Norges Bank purchased a new stake in shares of Shopify in the 2nd quarter worth about $1,794,952,000. Jennison Associates LLC increased its position in shares of Shopify by 118.1% during the second quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker’s stock valued at $1,328,787,000 after buying an additional 6,238,829 shares during the period. Brown Advisory Inc. increased its position in shares of Shopify by 5,193.6% during the second quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker’s stock valued at $238,419,000 after buying an additional 2,027,839 shares during the period. Geode Capital Management LLC raised its stake in Shopify by 19.9% in the second quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock worth $1,247,007,000 after buying an additional 1,781,530 shares in the last quarter. Finally, Picton Mahoney Asset Management lifted its holdings in Shopify by 246,359.0% in the second quarter. Picton Mahoney Asset Management now owns 1,759,717 shares of the software maker’s stock worth $202,146,000 after buying an additional 1,759,003 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on SHOP shares. TD Cowen reaffirmed a “hold” rating and set a $156.00 price objective on shares of Shopify in a research report on Friday, October 3rd. Robert W. Baird raised their target price on Shopify from $160.00 to $170.00 and gave the company an “outperform” rating in a research note on Tuesday, October 7th. Scotiabank upped their price objective on shares of Shopify from $150.00 to $165.00 and gave the stock a “sector perform” rating in a report on Wednesday, November 5th. Barclays set a $140.00 target price on shares of Shopify and gave the company an “equal weight” rating in a research note on Wednesday, November 5th. Finally, National Bankshares boosted their price target on Shopify from $180.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, October 23rd. Twenty-two investment analysts have rated the stock with a Buy rating and twenty-three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $168.69.

Shopify Stock Down 0.0%

Shares of SHOP opened at $169.45 on Thursday. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $182.19. The company has a market capitalization of $220.60 billion, a P/E ratio of 125.52, a price-to-earnings-growth ratio of 6.29 and a beta of 2.82. The firm has a 50 day moving average of $160.80 and a 200 day moving average of $143.14.

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 business had revenue of $2.84 billion for the quarter, compared to analysts’ expectations of $2.75 billion. On average, sell-side analysts expect that Shopify Inc. will post 1.12 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.