NEOS Investment Management LLC Purchases 72,269 Shares of Shopify Inc. $SHOP

NEOS Investment Management LLC increased its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 10.9% during the second quarter, HoldingsChannel reports. The institutional investor owned 737,600 shares of the software maker’s stock after acquiring an additional 72,269 shares during the quarter. NEOS Investment Management LLC’s holdings in Shopify were worth $84,219,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Kingdom Financial Group LLC. bought a new position in Shopify in the 4th quarter worth about $26,000. Curio Wealth LLC purchased a new stake in shares of Shopify in the 4th quarter valued at about $27,000. Evolution Wealth Management Inc. boosted its position in shares of Shopify by 203.9% during the 1st quarter. Evolution Wealth Management Inc. now owns 231 shares of the software maker’s stock valued at $27,000 after acquiring an additional 155 shares during the last quarter. Graney & King LLC bought a new stake in shares of Shopify during the 1st quarter valued at about $27,000. Finally, Lloyd Advisory Services LLC. purchased a new position in shares of Shopify during the fourth quarter worth about $31,000. Institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on SHOP. Susquehanna initiated coverage on shares of Shopify in a research report on Friday, July 10th. They issued a “neutral” rating on the stock. Truist Financial set a $180.00 price target on shares of Shopify and gave the stock a “buy” rating in a research note on Wednesday, August 5th. Weiss Ratings raised shares of Shopify from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, August 17th. DZ Bank cut shares of Shopify from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 7th. Finally, JPMorgan Chase & Co. upped their target price on shares of Shopify from $155.00 to $185.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, thirty-five have given a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat, Shopify currently has an average rating of “Moderate Buy” and a consensus target price of $170.84.

Shopify Stock Up 2.8%

Shares of SHOP opened at $145.88 on Friday. The firm has a market cap of $187.70 billion, a P/E ratio of 98.57, a P/E/G ratio of 2.90 and a beta of 2.61. The stock has a 50 day simple moving average of $133.64 and a two-hundred day simple moving average of $122.54. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.35 and a quick ratio of 5.35. Shopify Inc. has a 1 year low of $94.00 and a 1 year high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Wednesday, August 5th. The software maker reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. The business had revenue of $3.58 billion for the quarter. Shopify had a net margin of 14.53% and a return on equity of 12.58%. The firm’s revenue was up 33.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.69 earnings per share. On average, analysts forecast that Shopify Inc. will post 1.45 earnings per share for the current fiscal year.

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.