Total Clarity Wealth Management Inc. Has $1.20 Million Stock Position in Shopify Inc. $SHOP

Total Clarity Wealth Management Inc. lifted its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 104.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,098 shares of the software maker’s stock after purchasing an additional 5,160 shares during the period. Total Clarity Wealth Management Inc.’s holdings in Shopify were worth $1,198,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in SHOP. Vanguard Group Inc. grew its position in shares of Shopify by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock worth $8,158,643,000 after buying an additional 743,803 shares during the period. Norges Bank bought a new stake in shares of Shopify in the 4th quarter valued at about $2,611,797,000. Invesco Ltd. raised its position in shares of Shopify by 9.8% in the 4th quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker’s stock valued at $2,257,796,000 after acquiring an additional 1,252,074 shares during the period. Geode Capital Management LLC raised its position in shares of Shopify by 6.2% in the 4th quarter. Geode Capital Management LLC now owns 12,601,476 shares of the software maker’s stock valued at $2,043,365,000 after acquiring an additional 737,892 shares during the period. Finally, Mackenzie Financial Corp boosted its stake in Shopify by 9.1% during the 4th quarter. Mackenzie Financial Corp now owns 9,961,097 shares of the software maker’s stock worth $1,627,352,000 after acquiring an additional 827,643 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Performance

Shares of SHOP opened at $107.98 on Tuesday. The stock has a 50 day simple moving average of $113.08 and a 200 day simple moving average of $129.46. Shopify Inc. has a 52-week low of $94.00 and a 52-week high of $182.19. The firm has a market capitalization of $140.12 billion, a PE ratio of 106.91, a P/E/G ratio of 2.99 and a beta of 2.60.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, May 5th. The software maker reported $999.00 EPS 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 firm had revenue of $3.17 billion for the quarter, compared to the consensus estimate of $3.08 billion. Equities research analysts predict that Shopify Inc. will post 1.39 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SHOP has been the subject of a number of analyst reports. National Bank Financial decreased their price objective on shares of Shopify from $200.00 to $155.00 and set an “outperform” rating for the company in a report on Wednesday, May 27th. Oppenheimer reiterated an “outperform” rating and issued a $175.00 target price on shares of Shopify in a report on Wednesday, May 6th. BMO Capital Markets reduced their price target on shares of Shopify from $160.00 to $145.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 6th. Citigroup reissued a “market outperform” rating on shares of Shopify in a report on Thursday. Finally, Weiss Ratings cut shares of Shopify from a “hold (c)” rating to a “hold (c-)” 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 given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target 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.