Abacus Wealth Partners LLC Takes $939,000 Position in Shopify Inc. $SHOP

Abacus Wealth Partners LLC purchased a new stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the 4th quarter, Holdings Channel reports. The fund purchased 5,833 shares of the software maker’s stock, valued at approximately $939,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in SHOP. Jennison Associates LLC increased its holdings in Shopify by 64.3% in the third quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock valued at $2,812,211,000 after purchasing an additional 7,403,821 shares during the last quarter. Thrivent Financial for Lutherans increased its holdings in Shopify by 7,207.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 1,148,259 shares of the software maker’s stock valued at $184,883,000 after purchasing an additional 1,132,545 shares during the last quarter. Select Equity Group L.P. increased its holdings in Shopify by 92.5% in 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 during the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Shopify by 21.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 5,536,825 shares of the software maker’s stock worth $822,828,000 after purchasing an additional 973,132 shares during the period. Finally, Steadfast Capital Management LP acquired a new stake in shares of Shopify during the third quarter worth about $140,930,000. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Up 2.9%

SHOP stock opened at $100.28 on Friday. The business has a 50 day moving average price of $119.12 and a two-hundred day moving average price of $138.41. The company has a market cap of $130.13 billion, a price-to-earnings ratio of 99.29, a P/E/G ratio of 2.81 and a beta of 2.64. Shopify Inc. has a twelve month low of $94.00 and a twelve month high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $998.78. Shopify had a return on equity of 12.07% and a net margin of 10.77%.The firm had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $3.08 billion. On average, equities research analysts anticipate that Shopify Inc. will post 1.36 EPS for the current fiscal year.

Analysts Set New Price Targets

SHOP has been the topic of a number of research analyst reports. Moffett Nathanson raised Shopify from a “neutral” rating to a “buy” rating and set a $150.00 price target on the stock in a research report on Monday, February 9th. Oppenheimer reaffirmed an “outperform” rating and set a $175.00 price target on shares of Shopify in a research report on Wednesday, May 6th. ATB Cormark Capital Markets upgraded Shopify from a “sector perform” rating to an “outperform” rating in a report on Tuesday, February 10th. TD Securities upgraded Shopify from a “hold” rating to a “buy” rating and set a $159.00 price objective for the company in a report on Thursday, February 12th. Finally, Arete Research set a $175.00 price objective on Shopify in a report on Monday, February 2nd. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $158.42.

Shopify Company 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.