Meridian Wealth Management LLC Buys 13,406 Shares of Shopify Inc. $SHOP

Meridian Wealth Management LLC lifted its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 10.8% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 137,081 shares of the software maker’s stock after buying an additional 13,406 shares during the quarter. Shopify comprises 0.8% of Meridian Wealth Management LLC’s portfolio, making the stock its 23rd biggest holding. Meridian Wealth Management LLC’s holdings in Shopify were worth $22,066,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Knights of Columbus Asset Advisors LLC purchased a new position in Shopify in the 3rd quarter worth approximately $4,110,000. Principal Financial Group Inc. lifted its holdings in Shopify by 16.3% in the 3rd quarter. Principal Financial Group Inc. now owns 450,895 shares of the software maker’s stock worth $67,006,000 after purchasing an additional 63,300 shares in the last quarter. Triton Financial Group Inc purchased a new position in Shopify in the 3rd quarter worth approximately $1,931,000. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its holdings in Shopify by 65.5% in the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 158,514 shares of the software maker’s stock worth $23,557,000 after purchasing an additional 62,743 shares in the last quarter. Finally, M&T Bank Corp lifted its holdings in Shopify by 37.1% in the 4th quarter. M&T Bank Corp now owns 81,082 shares of the software maker’s stock worth $13,051,000 after purchasing an additional 21,945 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. TD Securities raised Shopify from a “hold” rating to a “buy” rating and set a $159.00 price target on the stock in a report on Thursday, February 12th. DZ Bank raised Shopify from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 16th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $140.00 price objective (down from $150.00) on shares of Shopify in a research note on Tuesday, May 5th. Robert W. Baird set a $150.00 price objective on Shopify in a research note on Wednesday, May 6th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $175.00 price objective on shares of Shopify in a research note on Thursday, February 12th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $158.42.

Shopify Price Performance

NASDAQ:SHOP opened at $102.54 on Tuesday. Shopify Inc. has a 1 year low of $99.01 and a 1 year high of $182.19. The stock’s 50 day simple moving average is $121.09 and its two-hundred day simple moving average is $140.15. The company has a market cap of $133.72 billion, a price-to-earnings ratio of 101.53, a PEG ratio of 3.11 and a beta of 2.64.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, May 5th. The software maker reported $999.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $998.78. The business had revenue of $3.17 billion for the quarter, compared to the consensus estimate of $3.08 billion. Shopify had a return on equity of 12.07% and a net margin of 10.77%. As a group, analysts anticipate that Shopify Inc. will post 1.36 EPS for the current 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.