Ergoteles LLC Purchases New Stake in Shopify Inc. (NYSE:SHOP)

Posted by on Mar 4th, 2023

Ergoteles LLC purchased a new stake in Shopify Inc. (NYSE:SHOP – Get Rating) (TSE:SHOP) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 13,118 shares of the software maker’s stock, valued at approximately $353,000.

A number of other large investors have also added to or reduced their stakes in SHOP. Baillie Gifford & Co. raised its stake in Shopify by 961.7% in the 2nd quarter. Baillie Gifford & Co. now owns 57,045,303 shares of the software maker’s stock valued at $1,782,089,000 after acquiring an additional 51,672,341 shares during the period. Sands Capital Management LLC grew its holdings in Shopify by 1,007.4% in the 2nd quarter. Sands Capital Management LLC now owns 23,560,742 shares of the software maker’s stock valued at $736,038,000 after buying an additional 21,433,161 shares in the last quarter. Renaissance Technologies LLC acquired a new position in Shopify in the 2nd quarter valued at $438,508,000. ARK Investment Management LLC grew its holdings in Shopify by 1,097.6% in the 3rd quarter. ARK Investment Management LLC now owns 14,532,528 shares of the software maker’s stock valued at $391,506,000 after buying an additional 13,319,042 shares in the last quarter. Finally, WCM Investment Management LLC grew its holdings in Shopify by 715.9% in the 2nd quarter. WCM Investment Management LLC now owns 14,775,238 shares of the software maker’s stock valued at $488,322,000 after buying an additional 12,964,310 shares in the last quarter. Institutional investors own 56.31% of the company’s stock.

Shopify Price Performance

Shopify stock opened at $43.40 on Friday. The company has a current ratio of 7.07, a quick ratio of 7.07 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $54.81 billion, a PE ratio of -15.90 and a beta of 2.04. Shopify Inc. has a 12 month low of $23.63 and a 12 month high of $78.00. The stock has a 50-day moving average price of $42.53 and a two-hundred day moving average price of $36.56.

Shopify (NYSE:SHOP – Get Rating) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, February 15th. The software maker reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.10. Shopify had a negative return on equity of 5.62% and a negative net margin of 61.79%. The company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.64 billion. Analysts expect that Shopify Inc. will post -0.48 EPS for the current year.

Wall Street Analysts Forecast Growth

SHOP has been the topic of a number of research reports. Jefferies Financial Group lowered Shopify from a “buy” rating to a “hold” rating and set a $40.00 price objective on the stock. in a report on Thursday, January 5th. DA Davidson raised Shopify from a “neutral” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Tuesday, February 21st. Wolfe Research lowered Shopify from an “outperform” rating to a “peer perform” rating in a report on Wednesday, December 7th. Wells Fargo & Company increased their target price on Shopify from $46.00 to $56.00 and gave the stock an “overweight” rating in a report on Thursday, February 16th. Finally, TD Securities increased their target price on Shopify from $38.00 to $47.00 and gave the stock a “hold” rating in a report on Thursday, February 16th. Three research analysts have rated the stock with a sell rating, eighteen have given a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $47.73.

Shopify Company Profile

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Shopify, Inc operates a cloud-based commerce platform designed for small and medium-sized businesses. Its software is used by merchants to run business across all sales channels, including web, tablet and mobile storefronts, social media storefronts, and brick-and-mortar and pop-up shops. The firm’s platform provides merchants with a single view of business and customers and enables them to manage products and inventory, process orders and payments, build customer relationships and leverage analytics and reporting.

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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