206,918 Shares in Shopify Inc. $SHOP Purchased by Peregrine Capital Management LLC

Peregrine Capital Management LLC acquired a new stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 206,918 shares of the software maker’s stock, valued at approximately $24,545,000. Shopify makes up about 0.9% of Peregrine Capital Management LLC’s holdings, making the stock its 21st biggest position.

Several other hedge funds and other institutional investors also recently made changes to their positions in SHOP. M&T Bank Corp grew its holdings in shares of Shopify by 37.1% during the fourth quarter. M&T Bank Corp now owns 81,082 shares of the software maker’s stock valued at $13,051,000 after buying an additional 21,945 shares in the last quarter. Triasima Portfolio Management inc. boosted its position in Shopify by 11.0% during the 4th quarter. Triasima Portfolio Management inc. now owns 182,338 shares of the software maker’s stock worth $29,398,000 after acquiring an additional 18,028 shares during the period. Assetmark Inc. grew its stake in Shopify by 6.7% during the 4th quarter. Assetmark Inc. now owns 213,583 shares of the software maker’s stock valued at $34,380,000 after acquiring an additional 13,415 shares in the last quarter. SG Americas Securities LLC increased its holdings in shares of Shopify by 286.6% in the 4th quarter. SG Americas Securities LLC now owns 508,723 shares of the software maker’s stock valued at $81,889,000 after purchasing an additional 377,129 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Shopify by 12.8% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 526,114 shares of the software maker’s stock valued at $84,689,000 after purchasing an additional 59,745 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently commented on SHOP shares. Barclays set a $126.00 price target on shares of Shopify and gave the stock an “equal weight” rating in a report on Wednesday, May 6th. BMO Capital Markets dropped their price objective on shares of Shopify from $160.00 to $145.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 6th. Robert W. Baird set a $150.00 target price on shares of Shopify in a research report on Wednesday, May 6th. Jefferies Financial Group reiterated a “hold” rating and issued a $140.00 target price (down from $150.00) on shares of Shopify in a research report on Tuesday, May 5th. Finally, Canaccord Genuity Group decreased their target price on shares of Shopify from $165.00 to $145.00 and set a “buy” rating for the company in a research note on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and a consensus target price of $157.17.

Shopify Stock Performance

SHOP opened at $114.18 on Wednesday. The firm has a market cap of $148.17 billion, a P/E ratio of 113.05, a price-to-earnings-growth ratio of 3.14 and a beta of 2.60. The business has a 50 day moving average price of $112.08 and a 200 day moving average price of $127.41. Shopify Inc. has a twelve month low of $94.00 and a twelve month high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 EPS for the quarter, beating the consensus estimate of $0.22 by $998.78. Shopify had a return on equity of 12.07% and a net margin of 10.77%.The company had revenue of $3.17 billion for the quarter, compared to the consensus estimate of $3.08 billion. As a group, analysts anticipate that Shopify Inc. will post 1.39 earnings per share for the current fiscal year.

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.