Platinum Investment Management Ltd. Acquires New Position in Shopify Inc. $SHOP

Platinum Investment Management Ltd. acquired a new stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 8,161 shares of the software maker’s stock, valued at approximately $1,314,000.

A number of other hedge funds have also recently added to or reduced their stakes in SHOP. Kingdom Financial Group LLC. acquired a new stake in Shopify in the fourth quarter valued at about $26,000. Curio Wealth LLC acquired a new stake in Shopify in the fourth quarter valued at about $27,000. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in Shopify in the fourth quarter valued at about $29,000. Lodestone Wealth Management LLC acquired a new stake in Shopify in the fourth quarter valued at about $31,000. Finally, Sound Income Strategies LLC lifted its position in Shopify by 82.4% in the fourth quarter. Sound Income Strategies LLC now owns 197 shares of the software maker’s stock valued at $31,000 after purchasing an additional 89 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Price Performance

Shares of SHOP opened at $108.24 on Friday. The firm has a 50 day simple moving average of $113.99 and a 200-day simple moving average of $131.61. Shopify Inc. has a 1-year low of $94.00 and a 1-year high of $182.19. The stock has a market cap of $140.46 billion, a price-to-earnings ratio of 107.17, a price-to-earnings-growth ratio of 3.10 and a beta of 2.60.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Tuesday, May 5th. The software maker reported $999.00 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $3.08 billion. On average, equities analysts expect that Shopify Inc. will post 1.36 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company reduced their price target on shares of Shopify from $166.00 to $144.00 and set an “overweight” rating for the company in a research report on Wednesday, May 6th. DZ Bank upgraded shares of Shopify from a “hold” rating to a “strong-buy” rating in a research report on Monday, February 16th. Canaccord Genuity Group reduced their price target on shares of Shopify from $165.00 to $145.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. Piper Sandler reiterated an “overweight” rating and set a $150.00 price target (down from $165.00) on shares of Shopify in a research report on Tuesday, May 5th. Finally, Barclays set a $126.00 price target on shares of Shopify and gave the company an “equal weight” rating in a research report on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $157.17.

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.