5,332 Shares in Shopify Inc. $SHOP Purchased by Destination Wealth Management

by · The Cerbat Gem

Destination Wealth Management bought a new position in shares of Shopify Inc. (NASDAQ:SHOP – Free Report) (TSE:SHOP) during the 4th quarter, HoldingsChannel reports. The institutional investor bought 5,332 shares of the software maker’s stock, valued at approximately $858,000.

Several other large investors also recently bought and sold shares of the stock. First Affirmative Financial Network increased its holdings in Shopify by 3.4% during the 3rd quarter. First Affirmative Financial Network now owns 2,275 shares of the software maker’s stock worth $338,000 after purchasing an additional 75 shares during the period. TBH Global Asset Management LLC increased its holdings in Shopify by 1.2% during the 4th quarter. TBH Global Asset Management LLC now owns 6,438 shares of the software maker’s stock worth $1,036,000 after purchasing an additional 75 shares during the period. Smartleaf Asset Management LLC increased its holdings in Shopify by 13.9% during the 2nd quarter. Smartleaf Asset Management LLC now owns 631 shares of the software maker’s stock worth $72,000 after purchasing an additional 77 shares during the period. Dynamic Advisor Solutions LLC increased its holdings in Shopify by 2.6% during the 4th quarter. Dynamic Advisor Solutions LLC now owns 3,164 shares of the software maker’s stock worth $509,000 after purchasing an additional 80 shares during the period. Finally, Pacific Sage Partners LLC increased its holdings in Shopify by 3.9% during the 4th quarter. Pacific Sage Partners LLC now owns 2,133 shares of the software maker’s stock worth $343,000 after purchasing an additional 80 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Citigroup cut their price target on Shopify from $163.00 to $156.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. National Bank Financial cut their price target on Shopify from $200.00 to $155.00 and set an “outperform” rating on the stock in a report on Wednesday, May 27th. Barclays set a $126.00 price target on Shopify and gave the stock an “equal weight” rating in a report on Wednesday, May 6th. DZ Bank upgraded Shopify from a “hold” rating to a “strong-buy” rating in a report on Monday, February 16th. Finally, Needham & Company LLC restated a “buy” rating and set a $180.00 price target on shares of Shopify in a report on Tuesday, May 5th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat, Shopify has a consensus rating of “Moderate Buy” and a consensus target price of $157.17.

Get Our Latest Stock Analysis on SHOP

Shopify Stock Performance

SHOP opened at $108.24 on Monday. Shopify Inc. has a one year low of $94.00 and a one year high of $182.19. The company has a market cap of $140.46 billion, a P/E ratio of 107.17, a PEG ratio of 3.03 and a beta of 2.60. The business’s 50-day simple moving average is $113.99 and its 200-day simple moving average is $131.44.

Shopify (NASDAQ:SHOP – Get Free Report) (TSE:SHOP) last released its quarterly earnings data on Tuesday, May 5th. The software maker reported $999.00 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $998.78. Shopify had a return on equity of 12.07% and a net margin of 10.77%.The business had revenue of $3.17 billion for the quarter, compared to the consensus estimate of $3.08 billion. As a group, analysts predict that Shopify Inc. will post 1.36 earnings per share for the current fiscal year.

Shopify Profile

(Free Report)

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.

Further Reading

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