WT Wealth Management Invests $1.67 Million in Shopify Inc. $SHOP

WT Wealth Management bought a new stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the first quarter, Holdings Channel reports. The fund bought 14,074 shares of the software maker’s stock, valued at approximately $1,669,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Shopify in the 4th quarter worth about $2,611,797,000. Sands Capital Management LLC boosted its stake in shares of Shopify by 37.0% in the fourth quarter. Sands Capital Management LLC now owns 9,506,036 shares of the software maker’s stock worth $1,530,187,000 after acquiring an additional 2,568,765 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Shopify by 9.8% in the fourth quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker’s stock worth $2,257,796,000 after acquiring an additional 1,252,074 shares during the last quarter. Thrivent Financial for Lutherans increased its position in shares of Shopify by 7,207.2% during the fourth quarter. Thrivent Financial for Lutherans now owns 1,148,259 shares of the software maker’s stock worth $184,883,000 after purchasing an additional 1,132,545 shares in the last quarter. Finally, Select Equity Group L.P. raised its stake 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 purchasing an additional 1,079,494 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Trading Up 4.7%

NASDAQ SHOP opened at $116.86 on Friday. The stock has a market cap of $151.64 billion, a PE ratio of 115.70, a P/E/G ratio of 3.07 and a beta of 2.60. Shopify Inc. has a twelve month low of $94.00 and a twelve month high of $182.19. The stock has a fifty day simple moving average of $112.68 and a 200-day simple moving average of $128.33.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Tuesday, May 5th. The software maker reported $999.00 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $3.08 billion. Research analysts predict that Shopify Inc. will post 1.39 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Canaccord Genuity Group decreased their price objective on Shopify from $165.00 to $145.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Piper Sandler reissued an “overweight” rating and issued a $150.00 price target (down from $165.00) on shares of Shopify in a research note on Tuesday, May 5th. Barclays set a $126.00 price target on shares of Shopify and gave the stock an “equal weight” rating in a research report on Wednesday, May 6th. Weiss Ratings downgraded shares of Shopify from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, May 6th. Finally, Wells Fargo & Company decreased their target price on shares of Shopify from $166.00 to $144.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and an average price target of $157.17.

Shopify 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.