iA Global Asset Management Inc. Buys 60,560 Shares of Shopify Inc. $SHOP

iA Global Asset Management Inc. boosted its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 42.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 201,884 shares of the software maker’s stock after acquiring an additional 60,560 shares during the quarter. iA Global Asset Management Inc.’s holdings in Shopify were worth $32,497,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in SHOP. Jennison Associates LLC lifted its position in Shopify by 64.3% in the 3rd quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock valued at $2,812,211,000 after acquiring an additional 7,403,821 shares in the last quarter. Thrivent Financial for Lutherans lifted its position in Shopify by 7,207.2% in the 4th quarter. Thrivent Financial for Lutherans now owns 1,148,259 shares of the software maker’s stock valued at $184,883,000 after acquiring an additional 1,132,545 shares in the last quarter. Select Equity Group L.P. lifted its position in Shopify by 92.5% in the 2nd quarter. Select Equity Group L.P. now owns 2,246,473 shares of the software maker’s stock valued at $259,124,000 after acquiring an additional 1,079,494 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in Shopify by 21.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 5,536,825 shares of the software maker’s stock valued at $822,828,000 after acquiring an additional 973,132 shares in the last quarter. Finally, Steadfast Capital Management LP bought a new stake in Shopify in the 3rd quarter valued at $140,930,000. 69.27% of the stock is owned by institutional investors.

Shopify Stock Performance

Shares of SHOP stock opened at $100.28 on Friday. The firm’s 50-day moving average is $119.12 and its 200-day moving average is $138.41. The stock has a market cap of $130.13 billion, a price-to-earnings ratio of 99.29, a PEG ratio of 2.81 and a beta of 2.64. Shopify Inc. has a 52-week low of $94.00 and a 52-week high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share (EPS) for the quarter, beating 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 company had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Sell-side analysts predict that Shopify Inc. will post 1.36 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have commented on SHOP. Needham & Company LLC reissued a “buy” rating and set a $180.00 price target on shares of Shopify in a research report on Tuesday, May 5th. BMO Capital Markets cut 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. Arete Research set a $175.00 price target on shares of Shopify in a research report on Monday, February 2nd. Robert W. Baird set a $150.00 price target on shares of Shopify in a research report on Wednesday, May 6th. Finally, Canaccord Genuity Group cut their price target on shares of Shopify from $165.00 to $145.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. Two 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $158.42.

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.