SurgoCap Partners LP Invests $56.04 Million in Shopify Inc. $SHOP

SurgoCap Partners LP purchased a new position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 348,131 shares of the software maker’s stock, valued at approximately $56,039,000. Shopify accounts for about 1.6% of SurgoCap Partners LP’s portfolio, making the stock its 17th largest position.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. First Affirmative Financial Network boosted its position in shares of Shopify by 3.4% in the 3rd quarter. First Affirmative Financial Network now owns 2,275 shares of the software maker’s stock worth $338,000 after purchasing an additional 75 shares during the last quarter. TBH Global Asset Management LLC boosted its position in shares of Shopify by 1.2% in the 4th quarter. TBH Global Asset Management LLC now owns 6,438 shares of the software maker’s stock worth $1,036,000 after purchasing an additional 75 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in shares of Shopify by 13.9% in the 2nd quarter. Smartleaf Asset Management LLC now owns 631 shares of the software maker’s stock worth $72,000 after purchasing an additional 77 shares during the last quarter. Dynamic Advisor Solutions LLC boosted its position in shares of Shopify by 2.6% in the 4th quarter. Dynamic Advisor Solutions LLC now owns 3,164 shares of the software maker’s stock worth $509,000 after purchasing an additional 80 shares during the last quarter. Finally, Pacific Sage Partners LLC boosted its position in shares of Shopify by 3.9% in the 4th quarter. Pacific Sage Partners LLC now owns 2,133 shares of the software maker’s stock worth $343,000 after purchasing an additional 80 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SHOP. DZ Bank upgraded Shopify from a “hold” rating to a “strong-buy” rating in a research report on Monday, February 16th. Robert W. Baird set a $150.00 target price on Shopify in a report on Wednesday, May 6th. Phillip Securities upgraded Shopify from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 18th. National Bank Financial reduced their target price on Shopify from $200.00 to $155.00 and set an “outperform” rating on the stock in a report on Wednesday, May 27th. Finally, Truist Financial set a $150.00 target price on Shopify and gave the stock a “buy” rating in a report on Tuesday, February 17th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $157.17.

Shopify Price Performance

SHOP opened at $112.49 on Tuesday. The business’s 50-day moving average price is $113.88 and its two-hundred day moving average price is $131.13. Shopify Inc. has a 1 year low of $94.00 and a 1 year high of $182.19. The company has a market capitalization of $145.97 billion, a price-to-earnings ratio of 111.38, a P/E/G ratio of 3.03 and a beta of 2.60.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings results 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. Shopify had a return on equity of 12.07% and a net margin of 10.77%.The firm had revenue of $3.17 billion for the quarter, compared to the consensus estimate of $3.08 billion. Sell-side analysts anticipate 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.