Broadleaf Partners LLC Purchases New Position in Shopify Inc. $SHOP

Broadleaf Partners LLC purchased a new stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 39,905 shares of the software maker’s stock, valued at approximately $6,424,000.

A number of other institutional investors also recently bought and sold shares of the business. Storgate LLC acquired a new position in Shopify in the fourth quarter valued at $431,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Shopify in the fourth quarter valued at approximately $1,495,000. Hel Ved Capital Management Ltd grew its position in shares of Shopify by 70.5% in the fourth quarter. Hel Ved Capital Management Ltd now owns 20,285 shares of the software maker’s stock valued at $3,265,000 after purchasing an additional 8,385 shares during the last quarter. Platinum Investment Management Ltd. purchased a new position in shares of Shopify during the fourth quarter valued at approximately $1,314,000. Finally, Sumitomo Life Insurance Co. lifted its stake in shares of Shopify by 0.9% during the fourth quarter. Sumitomo Life Insurance Co. now owns 11,597 shares of the software maker’s stock valued at $1,867,000 after buying an additional 101 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently issued reports on SHOP shares. Canaccord Genuity Group reduced their price objective on shares of Shopify from $165.00 to $145.00 and set a “buy” rating on the stock in a research note on Wednesday, May 6th. Piper Sandler reissued an “overweight” rating and issued a $150.00 target price (down from $165.00) on shares of Shopify in a research note on Tuesday, May 5th. Jefferies Financial Group reaffirmed a “hold” rating and set a $140.00 price target (down from $150.00) on shares of Shopify in a report on Tuesday, May 5th. BMO Capital Markets lowered their price target on shares of Shopify from $160.00 to $145.00 and set an “outperform” rating for the company in a report on Wednesday, May 6th. Finally, Robert W. Baird set a $150.00 price objective on shares of Shopify in a report on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and a consensus target price of $157.17.

Shopify Price Performance

NASDAQ SHOP opened at $108.24 on Friday. The company’s 50 day simple moving average is $113.99 and its 200 day simple moving average is $131.61. Shopify Inc. has a 12 month low of $94.00 and a 12 month high of $182.19. The company has a market capitalization of $140.46 billion, a P/E ratio of 107.17, a PEG ratio of 3.10 and a beta of 2.60.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share for the quarter, topping the consensus estimate of $0.22 by $998.78. Shopify had a net margin of 10.77% and a return on equity of 12.07%. The business had revenue of $3.17 billion for the quarter, compared to the consensus estimate of $3.08 billion. On average, analysts anticipate that Shopify Inc. will post 1.36 earnings per share for the current 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.