ProShare Advisors LLC Grows Stock Position in Shopify Inc. $SHOP

ProShare Advisors LLC lifted its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 43.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,899,632 shares of the software maker’s stock after buying an additional 577,193 shares during the period. ProShare Advisors LLC owned approximately 0.15% of Shopify worth $305,784,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of SHOP. Mowery & Schoenfeld Wealth Management LLC purchased a new position in shares of Shopify in the fourth quarter worth about $29,000. Lodestone Wealth Management LLC purchased a new position in shares of Shopify in the fourth quarter worth about $31,000. 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. JPL Wealth Management LLC purchased a new position in shares of Shopify in the third quarter worth about $32,000. Finally, Navalign LLC purchased a new position in shares of Shopify in the fourth quarter worth about $34,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

Shares of NASDAQ:SHOP opened at $102.39 on Tuesday. Shopify Inc. has a 1 year low of $94.00 and a 1 year high of $182.19. The company has a market cap of $132.87 billion, a PE ratio of 101.38, a P/E/G ratio of 2.81 and a beta of 2.64. The stock’s 50-day moving average is $118.47 and its 200 day moving average is $137.61.

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

Analyst Upgrades and Downgrades

Several research firms have recently commented on SHOP. Truist Financial set a $150.00 price objective on Shopify and gave the stock a “buy” rating in a report on Tuesday, February 17th. Wedbush decreased their price objective on Shopify from $185.00 to $160.00 and set an “outperform” rating on the stock in a report on Thursday, February 12th. ATB Cormark Capital Markets upgraded Shopify from a “sector perform” rating to an “outperform” rating in a report on Tuesday, February 10th. TD Cowen upgraded Shopify from a “hold” rating to a “buy” rating and set a $159.00 price target on the stock in a report on Wednesday, February 11th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $126.00 price target (down from $181.00) on shares of Shopify in a 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 MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and an average target price of $158.42.

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.