Shopify Inc. $SHOP Shares Acquired by Fulcrum Asset Management LLP

Fulcrum Asset Management LLP lifted its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 11.0% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 51,390 shares of the software maker’s stock after purchasing an additional 5,074 shares during the period. Fulcrum Asset Management LLP’s holdings in Shopify were worth $7,617,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Norris Financial Group LLC acquired a new stake in shares of Shopify in the first quarter valued at $1,586,000. Infusive Asset Management Inc. boosted its holdings in Shopify by 27.4% in the first quarter. Infusive Asset Management Inc. now owns 43,611 shares of the software maker’s stock valued at $5,173,000 after purchasing an additional 9,374 shares during the period. OMERS ADMINISTRATION Corp boosted its holdings in Shopify by 18.6% in the first quarter. OMERS ADMINISTRATION Corp now owns 58,044 shares of the software maker’s stock valued at $6,876,000 after purchasing an additional 9,096 shares during the period. Ninepoint Partners LP acquired a new position in Shopify during the 2nd quarter worth $29,027,000. Finally, The Manufacturers Life Insurance Company grew its stake in Shopify by 8.5% during the 1st quarter. The Manufacturers Life Insurance Company now owns 8,418,903 shares of the software maker’s stock worth $998,137,000 after purchasing an additional 660,198 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

SHOP has been the topic of a number of analyst reports. Robert W. Baird increased their price target on Shopify from $160.00 to $190.00 and gave the company an “outperform” rating in a research report on Wednesday, October 14th. Piper Sandler reiterated an “overweight” rating on shares of Shopify in a research note on Monday, October 5th. Evercore reissued an “outperform” rating and set a $175.00 price objective (up from $135.00) on shares of Shopify in a research report on Wednesday, August 5th. Phillip Securities lowered shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday, August 17th. Finally, Cantor Fitzgerald cut their target price on shares of Shopify from $158.00 to $150.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 4th. One research analyst has rated the stock with a Strong Buy rating, thirty-eight have given a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $178.82.

Shopify Stock Performance

NASDAQ:SHOP opened at $148.91 on Monday. Shopify Inc. has a 1 year low of $94.00 and a 1 year high of $180.88. The stock has a market cap of $191.59 billion, a P/E ratio of 90.80, a P/E/G ratio of 3.57 and a beta of 2.65. The stock has a 50-day simple moving average of $152.51 and a 200-day simple moving average of $130.07.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, November 3rd. The software maker reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.16. The business had revenue of $3.74 billion for the quarter. Shopify had a return on equity of 14.03% and a net margin of 15.01%. Shopify’s revenue was up 31.6% on a year-over-year basis. During the same period last year, the business posted $0.34 EPS. On average, equities research analysts predict that Shopify Inc. will post 1.47 EPS for the current year.

Trending Headlines about Shopify

Here are the key news stories impacting Shopify this week:

• Positive Sentiment: Shopify reported 32% year-over-year revenue growth to about $3.7 billion, GMV growth of 30% to $119 billion, and a 22% free-cash-flow margin. Coverage also highlighted a forecast for another quarter of 30%-plus growth as the holiday shopping season approaches. Article Article
• Positive Sentiment: Several analysts remain constructive: Morgan Stanley reiterated a buy call after the pullback, Argus reaffirmed its buy rating with a $180 target, and Wedbush and RBC issued Outperform ratings. UBS raised its target to $160, though it kept a Neutral rating. Article Article
• Positive Sentiment: Traders bought a large volume of Shopify call options, suggesting some market participants are positioning for a rebound, though options activity is not a guarantee of future performance. Article
• Negative Sentiment: One report says Shopify’s results included a slight miss, which may be overshadowing its growth and prompting investors to reassess its premium valuation. Article
• Negative Sentiment: Rosenblatt lowered its expectations for the stock, while Cantor Fitzgerald issued a pessimistic forecast, adding to near-term analyst caution. Article Article

Shopify Company Profile

Shopify is a commerce technology company that provides tools for businesses to create and operate online stores. Its platform supports activities such as product management, order processing, payments, shipping, marketing and customer engagement.

Shopify also offers point-of-sale tools for merchants selling in person, connecting retail operations with online sales. Its services are used by businesses of varying sizes and are available to merchants in countries around the world.

Founded in 2006, Shopify is headquartered in Ottawa, Canada.