Triton Financial Group Inc Acquires Shares of 12,995 Shopify Inc. $SHOP

Triton Financial Group Inc bought a new position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the 3rd quarter, Holdings Channel reports. The firm bought 12,995 shares of the software maker’s stock, valued at approximately $1,931,000. Shopify accounts for about 1.3% of Triton Financial Group Inc’s investment portfolio, making the stock its 23rd largest holding.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Shopify by 2.8% during the 2nd quarter. Vanguard Group Inc. now owns 49,316,695 shares of the software maker’s stock worth $5,688,053,000 after buying an additional 1,354,415 shares in the last quarter. Jennison Associates LLC increased its position in Shopify by 64.3% in the 3rd quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock valued at $2,812,211,000 after acquiring an additional 7,403,821 shares in the last quarter. Norges Bank bought a new position in shares of Shopify in the second quarter worth about $1,794,952,000. Loomis Sayles & Co. L P lifted its position in shares of Shopify by 1.3% during the second quarter. Loomis Sayles & Co. L P now owns 14,622,787 shares of the software maker’s stock worth $1,686,738,000 after purchasing an additional 191,824 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Shopify by 19.9% during the second 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. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Price Performance

Shares of NASDAQ:SHOP opened at $136.31 on Tuesday. The firm’s 50 day simple moving average is $158.92 and its 200 day simple moving average is $150.91. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $182.19. The company has a market capitalization of $177.45 billion, a price-to-earnings ratio of 100.97, a P/E/G ratio of 4.08 and a beta of 2.83.

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

Analysts Set New Price Targets

Several equities research analysts have recently commented on SHOP shares. DA Davidson lifted their target price on Shopify from $185.00 to $195.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. Scotiabank upgraded Shopify from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $165.00 to $200.00 in a research report on Thursday, January 8th. Citigroup reissued a “market outperform” rating on shares of Shopify in a report on Thursday, December 4th. Robert W. Baird raised their target price on shares of Shopify from $160.00 to $170.00 and gave the company an “outperform” rating in a research note on Tuesday, October 7th. Finally, TD Securities raised shares of Shopify to a “hold” rating in a research note on Thursday, December 4th. Twenty-four investment analysts have rated the stock with a Buy rating and twenty have issued a Hold rating to the company. According to MarketBeat.com, Shopify has an average rating of “Moderate Buy” and an average target price of $171.61.

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.