Dockside LLC Makes New $2.41 Million Investment in Shopify Inc. $SHOP

Dockside LLC bought a new position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 14,993 shares of the software maker’s stock, valued at approximately $2,413,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of SHOP. Norges Bank bought a new position in Shopify in the 4th quarter worth about $2,611,797,000. Thrivent Financial for Lutherans grew its position in 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 worth $184,883,000 after purchasing an additional 1,132,545 shares during the last quarter. Select Equity Group L.P. grew its position in 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 worth $259,124,000 after purchasing an additional 1,079,494 shares during the last quarter. Steadfast Capital Management LP bought a new position in Shopify in the 3rd quarter worth about $140,930,000. Finally, ICONIQ Capital LLC grew its position in Shopify by 47.3% in the 4th quarter. ICONIQ Capital LLC now owns 2,456,052 shares of the software maker’s stock worth $395,351,000 after purchasing an additional 788,450 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

SHOP has been the subject of several recent analyst reports. Jefferies Financial Group restated a “hold” rating and issued a $140.00 target price (down from $150.00) on shares of Shopify in a research report on Tuesday, May 5th. Citigroup decreased their target price on shares of Shopify from $163.00 to $156.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. BMO Capital Markets decreased their target price on shares of Shopify from $160.00 to $145.00 and set an “outperform” rating for the company in a research report on Wednesday, May 6th. Needham & Company LLC restated a “buy” rating and issued a $180.00 target price on shares of Shopify in a research report on Tuesday, May 5th. Finally, Wells Fargo & Company decreased their price objective on shares of Shopify from $166.00 to $144.00 and set an “overweight” rating for the company in a report on Wednesday, May 6th. Two investment 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 stock. Based on data from MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and an average price target of $157.17.

Shopify Price Performance

Shopify stock opened at $108.24 on Friday. The firm has a 50 day simple moving average of $113.99 and a 200-day simple moving average of $131.61. The stock has a market capitalization of $140.46 billion, a PE ratio of 107.17, a price-to-earnings-growth ratio of 3.03 and a beta of 2.60. Shopify Inc. has a 12-month low of $94.00 and a 12-month high of $182.19.

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