WD Rutherford LLC Increases Stake in Shopify Inc. $SHOP

WD Rutherford LLC grew its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 90.8% during the 1st quarter, Holdings Channel reports. The fund owned 19,023 shares of the software maker’s stock after buying an additional 9,054 shares during the period. WD Rutherford LLC’s holdings in Shopify were worth $2,257,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank bought a new stake in shares of Shopify during the 4th quarter valued at $2,611,797,000. Sands Capital Management LLC raised its holdings in Shopify by 37.0% in the 4th quarter. Sands Capital Management LLC now owns 9,506,036 shares of the software maker’s stock worth $1,530,187,000 after purchasing an additional 2,568,765 shares during the period. Invesco Ltd. raised its holdings in Shopify by 9.8% in the 4th quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker’s stock worth $2,257,796,000 after purchasing an additional 1,252,074 shares during the period. Thrivent Financial for Lutherans raised its holdings 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 worth $184,883,000 after purchasing an additional 1,132,545 shares during the period. Finally, Select Equity Group L.P. lifted its position in Shopify by 92.5% during the second 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 in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of Shopify stock opened at $121.63 on Thursday. The company has a market capitalization of $157.83 billion, a P/E ratio of 120.43, a P/E/G ratio of 3.14 and a beta of 2.60. The company has a fifty day moving average of $111.81 and a 200 day moving average of $127.11. Shopify Inc. has a fifty-two week low of $94.00 and a fifty-two week high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $998.78. The business had revenue of $3.17 billion during the quarter, compared to analyst estimates of $3.08 billion. Shopify had a return on equity of 12.07% and a net margin of 10.77%. Analysts forecast that Shopify Inc. will post 1.39 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on SHOP shares. Citigroup reissued a “market outperform” rating on shares of Shopify in a report on Thursday, June 18th. Weiss Ratings downgraded Shopify from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, May 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $180.00 price objective on shares of Shopify in a research report on Tuesday, May 5th. Canaccord Genuity Group cut their price objective on Shopify from $165.00 to $145.00 and set a “buy” rating for the company in a research note on Wednesday, May 6th. Finally, Citizens Jmp reduced their target price on shares of Shopify from $160.00 to $150.00 and set a “market outperform” rating for the company in a report 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 given a Hold rating to the company’s stock. According to MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus target price of $157.17.

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.