Simplicity Wealth LLC Buys 8,298 Shares of Shopify Inc. $SHOP

Simplicity Wealth LLC lifted its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 51.6% during the third quarter, HoldingsChannel reports. The firm owned 24,385 shares of the software maker’s stock after acquiring an additional 8,298 shares during the quarter. Simplicity Wealth LLC’s holdings in Shopify were worth $3,624,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Norges Bank bought a new stake in Shopify during the second quarter worth $1,794,952,000. Jennison Associates LLC increased its stake in shares of Shopify by 118.1% during the 2nd quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker’s stock worth $1,328,787,000 after purchasing an additional 6,238,829 shares during the last quarter. Brown Advisory Inc. raised its holdings in shares of Shopify by 5,193.6% in the 2nd quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker’s stock valued at $238,419,000 after purchasing an additional 2,027,839 shares during the period. Geode Capital Management LLC lifted its stake in Shopify by 19.9% in the 2nd quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock valued at $1,247,007,000 after purchasing an additional 1,781,530 shares during the last quarter. Finally, Picton Mahoney Asset Management grew its holdings in Shopify by 246,359.0% during the second quarter. Picton Mahoney Asset Management now owns 1,759,717 shares of the software maker’s stock worth $202,146,000 after purchasing an additional 1,759,003 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Ratings Changes

SHOP has been the topic of several research analyst reports. Truist Financial set a $155.00 price objective on Shopify and gave the company a “hold” rating in a research note on Tuesday, November 4th. Citigroup reissued a “market outperform” rating on shares of Shopify in a report on Thursday, December 4th. Raymond James Financial reissued a “market perform” rating on shares of Shopify in a report on Monday, December 1st. Cantor Fitzgerald reiterated a “neutral” rating and issued a $181.00 price target (up from $156.00) on shares of Shopify in a research note on Wednesday, November 5th. Finally, BNP Paribas Exane started coverage on shares of Shopify in a report on Monday, November 24th. They issued a “neutral” rating on the stock. Twenty-four investment analysts have rated the stock with a Buy rating and twenty have given a Hold rating to the stock. Based on data from MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and an average price target of $171.61.

Shopify Trading Down 4.2%

NASDAQ:SHOP opened at $138.49 on Thursday. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $182.19. The stock has a market capitalization of $180.29 billion, a price-to-earnings ratio of 102.59, a PEG ratio of 4.27 and a beta of 2.83. The firm has a fifty day simple moving average of $159.33 and a two-hundred day simple moving average of $150.19.

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

Shopify 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.