NZS Capital LLC Has $93.83 Million Position in Shopify Inc. $SHOP

NZS Capital LLC grew its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 3.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 631,397 shares of the software maker’s stock after buying an additional 22,720 shares during the quarter. Shopify comprises 2.9% of NZS Capital LLC’s holdings, making the stock its 9th biggest position. NZS Capital LLC’s holdings in Shopify were worth $93,832,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Financial Gravity Companies Inc. bought a new stake in shares of Shopify in the 2nd quarter worth $27,000. Rothschild Investment LLC boosted its holdings in shares of Shopify by 47.5% in 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 period. Heartwood Wealth Advisors LLC purchased a new position in Shopify during the 3rd quarter worth approximately $27,000. Estabrook Capital Management purchased a new position in shares of Shopify during the second quarter valued at $29,000. Finally, Access Investment Management LLC acquired a new position in shares of Shopify in the 2nd quarter valued at about $31,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

SHOP has been the subject of several recent research reports. Raymond James Financial reiterated a “market perform” rating on shares of Shopify in a report on Monday, December 1st. Morgan Stanley reiterated an “overweight” rating and issued a $192.00 target price (up from $165.00) on shares of Shopify in a research note on Wednesday, November 5th. KeyCorp reaffirmed an “overweight” rating and issued a $160.00 target price on shares of Shopify in a report on Wednesday, February 11th. Oppenheimer restated an “outperform” rating on shares of Shopify in a report on Monday, December 1st. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $180.00 target price on shares of Shopify in a research report on Thursday, February 12th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $162.64.

Shopify Trading Up 2.1%

SHOP opened at $121.87 on Wednesday. The stock has a market capitalization of $158.66 billion, a PE ratio of 131.04, a PEG ratio of 4.35 and a beta of 2.83. The firm has a 50-day moving average price of $139.60 and a two-hundred day moving average price of $149.32. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $182.19.

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.