Dynamic Advisor Solutions LLC lifted its holdings in shares of Shopify Inc. (NYSE:SHOP – Get Rating) (TSE:SHOP) by 12.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,429 shares of the software maker’s stock after buying an additional 2,248 shares during the period. Dynamic Advisor Solutions LLC’s holdings in Shopify were worth $709,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. Industrial Alliance Investment Management Inc. raised its stake in Shopify by 292.9% during the 1st quarter. Industrial Alliance Investment Management Inc. now owns 110 shares of the software maker’s stock valued at $74,000 after purchasing an additional 82 shares during the period. Turim 21 Investimentos Ltda. purchased a new position in shares of Shopify in the 1st quarter worth approximately $148,000. Fairfield Bush & CO. purchased a new position in shares of Shopify in the 1st quarter worth approximately $169,000. First Manhattan Co. boosted its holdings in Shopify by 317.5% during the 1st quarter. First Manhattan Co. now owns 263 shares of the software maker’s stock valued at $177,000 after acquiring an additional 200 shares during the period. Finally, Stonebridge Capital Advisors LLC boosted its holdings in Shopify by 508.2% during the 1st quarter. Stonebridge Capital Advisors LLC now owns 298 shares of the software maker’s stock valued at $201,000 after acquiring an additional 249 shares during the period. 56.31% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of equities research analysts have weighed in on SHOP shares. DA Davidson raised Shopify from a “neutral” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Tuesday, February 21st. Piper Sandler boosted their price target on Shopify from $36.00 to $45.00 and gave the company a “neutral” rating in a research note on Thursday, February 16th. Truist Financial boosted their price target on Shopify from $35.00 to $41.00 and gave the company a “hold” rating in a research note on Thursday, January 19th. Robert W. Baird upped their target price on Shopify from $45.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, February 16th. Finally, UBS Group initiated coverage on Shopify in a report on Thursday, December 8th. They issued a “sell” rating and a $30.00 price target for the company. Three research analysts have rated the stock with a sell rating, nineteen have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $47.38.
Shopify Stock Performance
Shopify (NYSE:SHOP – Get Rating) (TSE:SHOP) last released its quarterly earnings results on Wednesday, February 15th. The software maker reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.10. The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.64 billion. Shopify had a negative net margin of 61.79% and a negative return on equity of 5.62%. On average, equities research analysts expect that Shopify Inc. will post -0.44 EPS for the current fiscal year.
Shopify Company Profile
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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