Purpose Unlimited Inc. Makes New $9.79 Million Investment in Shopify Inc. $SHOP

Purpose Unlimited Inc. acquired a new position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the fourth quarter, HoldingsChannel reports. The firm acquired 60,775 shares of the software maker’s stock, valued at approximately $9,785,000.

A number of other institutional investors also recently made changes to their positions in the business. Kingdom Financial Group LLC. bought a new stake in Shopify in the fourth quarter worth $26,000. Curio Wealth LLC purchased a new stake in Shopify during the fourth quarter valued at about $27,000. Mowery & Schoenfeld Wealth Management LLC bought a new position in shares of Shopify during the fourth quarter valued at about $29,000. Lodestone Wealth Management LLC bought a new position in shares of Shopify during the fourth quarter valued at about $31,000. Finally, Sound Income Strategies LLC increased its holdings in shares of Shopify by 82.4% in the fourth quarter. Sound Income Strategies LLC now owns 197 shares of the software maker’s stock worth $31,000 after buying an additional 89 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of NASDAQ:SHOP opened at $108.85 on Friday. The company has a market cap of $141.25 billion, a price-to-earnings ratio of 107.77, a price-to-earnings-growth ratio of 3.05 and a beta of 2.60. The company has a 50-day moving average price of $113.17 and a 200-day moving average price of $129.94. 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 earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $998.78. The company had revenue of $3.17 billion during the quarter, compared to analyst estimates of $3.08 billion. Shopify had a net margin of 10.77% and a return on equity of 12.07%. As a group, research analysts forecast that Shopify Inc. will post 1.39 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Citigroup reissued a “market outperform” rating on shares of Shopify in a research note on Thursday. Needham & Company LLC restated a “buy” rating and set a $180.00 price target on shares of Shopify in a research report on Tuesday, May 5th. BMO Capital Markets decreased their price target on Shopify from $160.00 to $145.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 6th. Canaccord Genuity Group lowered their price objective on Shopify from $165.00 to $145.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. Finally, UBS Group reiterated a “neutral” rating on shares of Shopify in a research report on Thursday, May 28th. Two 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 company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $157.17.

Shopify 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.