Nepsis Inc. Buys 86,262 Shares of Shopify Inc. (NYSE:SHOP)

Nepsis Inc. increased its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 96.4% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 175,706 shares of the software maker’s stock after purchasing an additional 86,262 shares during the quarter. Shopify makes up 4.1% of Nepsis Inc.’s investment portfolio, making the stock its 13th largest holding. Nepsis Inc.’s holdings in Shopify were worth $16,776,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SHOP. Allianz SE acquired a new stake in Shopify during the fourth quarter worth about $27,000. PFG Private Wealth Management LLC lifted its holdings in shares of Shopify by 3,657.1% during the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after acquiring an additional 256 shares during the period. Fourth Dimension Wealth LLC acquired a new stake in shares of Shopify during the 4th quarter valued at about $30,000. Mark Sheptoff Financial Planning LLC increased its stake in Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock valued at $32,000 after acquiring an additional 100 shares during the period. Finally, Sierra Ocean LLC acquired a new position in Shopify in the fourth quarter worth about $46,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SHOP. Citigroup upped their price objective on Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. Truist Financial lowered their price target on Shopify from $120.00 to $100.00 and set a “hold” rating on the stock in a research report on Tuesday, May 6th. Scotiabank cut their price objective on Shopify from $120.00 to $90.00 and set a “sector perform” rating for the company in a report on Monday, April 28th. Morgan Stanley boosted their target price on shares of Shopify from $106.00 to $112.00 and gave the company an “overweight” rating in a research note on Friday, May 9th. Finally, Barclays dropped their target price on shares of Shopify from $100.00 to $94.00 and set an “equal weight” rating for the company in a research report on Friday, May 9th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $115.11.

Shopify Price Performance

Shopify stock opened at $107.80 on Tuesday. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The company has a market cap of $139.58 billion, a price-to-earnings ratio of 69.55, a P/E/G ratio of 4.82 and a beta of 2.63. The firm has a 50-day moving average of $96.16 and a 200-day moving average of $105.05.

Shopify Company Profile

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.