Profund Advisors LLC Increases Stock Holdings in Shopify Inc. $SHOP

Profund Advisors LLC raised its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 9.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 96,286 shares of the software maker’s stock after purchasing an additional 8,051 shares during the quarter. Profund Advisors LLC’s holdings in Shopify were worth $15,499,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of SHOP. Jennison Associates LLC grew its stake in shares of Shopify by 64.3% in the 3rd 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 grew its stake in shares of Shopify by 7,207.2% in the 4th 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. lifted its holdings in shares of Shopify by 92.5% in the 2nd quarter. Select Equity Group L.P. now owns 2,246,473 shares of the software maker’s stock valued at $259,124,000 after buying an additional 1,079,494 shares during the period. Steadfast Capital Management LP acquired a new stake in shares of Shopify in the 3rd quarter valued at approximately $140,930,000. Finally, Vanguard Group Inc. lifted its holdings in shares of Shopify by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock valued at $8,158,643,000 after buying an additional 743,803 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on the company. DZ Bank raised Shopify from a “hold” rating to a “strong-buy” rating in a report on Monday, February 16th. Stifel Nicolaus set a $115.00 price target on Shopify and gave the company a “hold” rating in a report on Wednesday, February 11th. UBS Group set a $130.00 price target on Shopify and gave the company a “neutral” rating in a report on Wednesday, May 6th. Barclays set a $126.00 price target on Shopify and gave the company an “equal weight” rating in a report on Wednesday, May 6th. Finally, Truist Financial set a $150.00 price target on Shopify and gave the company a “buy” rating in a report on Tuesday, February 17th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $158.42.

Shopify Stock Performance

Shares of SHOP stock opened at $102.39 on Tuesday. The stock has a fifty day moving average price of $118.47 and a 200 day moving average price of $137.61. The stock has a market cap of $132.87 billion, a PE ratio of 101.38, a P/E/G ratio of 2.81 and a beta of 2.64. Shopify Inc. has a 1 year low of $94.00 and a 1 year high of $182.19.

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

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.