OVERSEA CHINESE BANKING Corp Ltd Buys 3,429 Shares of Shopify Inc. $SHOP

OVERSEA CHINESE BANKING Corp Ltd lifted its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 7.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,886 shares of the software maker’s stock after acquiring an additional 3,429 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Shopify were worth $6,939,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. Accurate Wealth Management LLC grew its position in Shopify by 2.0% in the 3rd quarter. Accurate Wealth Management LLC now owns 3,438 shares of the software maker’s stock worth $526,000 after purchasing an additional 67 shares in the last quarter. Rothschild Investment LLC boosted its stake in shares of Shopify by 47.5% in the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after buying an additional 75 shares during the last quarter. Sivia Capital Partners LLC boosted its stake in shares of Shopify by 0.9% in the 3rd quarter. Sivia Capital Partners LLC now owns 8,265 shares of the software maker’s stock worth $1,228,000 after buying an additional 75 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of 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. Finally, Barnes Dennig Private Wealth Management LLC increased its position in shares of Shopify by 6.5% during the third quarter. Barnes Dennig Private Wealth Management LLC now owns 1,315 shares of the software maker’s stock valued at $195,000 after acquiring an additional 80 shares during the last quarter. 69.27% of the stock is owned by institutional investors.

Shopify Trading Down 5.9%

Shopify stock opened at $157.51 on Thursday. The firm has a 50 day simple moving average of $159.94 and a 200 day simple moving average of $148.96. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $182.19. The firm has a market capitalization of $205.05 billion, a price-to-earnings ratio of 116.67, a P/E/G ratio of 4.97 and a beta of 2.83.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, November 4th. The software maker reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The firm had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.75 billion. Shopify had a return on equity of 11.72% and a net margin of 16.65%. On average, equities research analysts forecast that Shopify Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on SHOP shares. DZ Bank upgraded Shopify from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 6th. Benchmark reissued a “buy” rating on shares of Shopify in a report on Wednesday, December 3rd. Truist Financial set a $155.00 price target on shares of Shopify and gave the company a “hold” rating in a research report on Tuesday, November 4th. Robert W. Baird raised their price objective on shares of Shopify from $160.00 to $170.00 and gave the stock an “outperform” rating in a report on Tuesday, October 7th. Finally, KeyCorp lifted their price objective on shares of Shopify from $175.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Twenty-four analysts have rated the stock with a Buy rating and twenty-one have assigned a Hold rating to the company’s stock. According to MarketBeat, Shopify has an average rating of “Moderate Buy” and a consensus price target of $171.61.

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.