Surience Private Wealth LLC Buys Shares of 28,287 Shopify Inc. $SHOP

Surience Private Wealth LLC purchased a new stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the 3rd quarter, Holdings Channel reports. The fund purchased 28,287 shares of the software maker’s stock, valued at approximately $4,204,000. Shopify makes up 3.8% of Surience Private Wealth LLC’s holdings, making the stock its 10th largest position.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SHOP. Family Legacy Financial Solutions LLC acquired a new position in Shopify in the second quarter worth approximately $25,000. Financial Gravity Companies Inc. acquired a new position in Shopify during the second quarter worth $27,000. Rothschild Investment LLC increased its position in Shopify by 47.5% during the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after buying an additional 75 shares during the last quarter. Heartwood Wealth Advisors LLC acquired a new position in Shopify in the 3rd quarter valued at $27,000. Finally, Tradewinds Capital Management LLC lifted its position in Shopify by 71.4% during the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock worth $28,000 after acquiring an additional 100 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SHOP. Raymond James Financial reiterated a “market perform” rating on shares of Shopify in a research note on Monday, December 1st. Bank of America lifted their target price on Shopify from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday. Scotiabank raised their price objective on shares of Shopify from $150.00 to $165.00 and gave the stock a “sector perform” rating in a report on Wednesday, November 5th. JPMorgan Chase & Co. raised their target price on Shopify from $179.00 to $180.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 5th. Finally, DA Davidson upped their price target on Shopify from $185.00 to $195.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. Twenty-two research analysts have rated the stock with a Buy rating and twenty-three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Shopify has a consensus rating of “Hold” and a consensus price target of $168.69.

Shopify Stock Performance

SHOP opened at $169.57 on Friday. The company has a fifty day moving average price of $159.88 and a two-hundred day moving average price of $141.56. The firm has a market capitalization of $220.75 billion, a PE ratio of 125.61, a P/E/G ratio of 6.20 and a beta of 2.82. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.03. The company had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.75 billion. Shopify had a return on equity of 11.72% and a net margin of 16.65%. Equities analysts forecast that Shopify Inc. will post 1.12 EPS 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.