Morningstar Investment Management LLC Makes New $2.02 Million Investment in Shopify Inc. $SHOP

Morningstar Investment Management LLC acquired a new position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 12,548 shares of the software maker’s stock, valued at approximately $2,020,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Moloney Securities Asset Management LLC increased its holdings in shares of Shopify by 1.8% during the 3rd quarter. Moloney Securities Asset Management LLC now owns 3,951 shares of the software maker’s stock worth $587,000 after buying an additional 70 shares during the last quarter. Seros Financial LLC increased its holdings in shares of Shopify by 2.7% during the 3rd quarter. Seros Financial LLC now owns 2,856 shares of the software maker’s stock worth $424,000 after buying an additional 75 shares during the last quarter. First Affirmative Financial Network increased its holdings in shares of Shopify by 3.4% during the 3rd quarter. First Affirmative Financial Network now owns 2,275 shares of the software maker’s stock worth $338,000 after buying an additional 75 shares during the last quarter. TBH Global Asset Management LLC increased its holdings in shares of Shopify by 1.2% during the 4th quarter. TBH Global Asset Management LLC now owns 6,438 shares of the software maker’s stock worth $1,036,000 after buying an additional 75 shares during the last quarter. Finally, Strategic Advisors LLC increased its holdings in shares of Shopify by 0.3% during the 3rd quarter. Strategic Advisors LLC now owns 28,785 shares of the software maker’s stock worth $4,278,000 after buying an additional 76 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on SHOP shares. TD Cowen upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $159.00 price target for the company in a report on Wednesday, February 11th. Evercore set a $135.00 price target on shares of Shopify in a report on Wednesday, February 11th. Phillip Securities upgraded shares of Shopify from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 18th. ATB Cormark Capital Markets upgraded shares of Shopify from a “sector perform” rating to an “outperform” rating in a report on Tuesday, February 10th. Finally, DA Davidson cut their price target on shares of Shopify from $195.00 to $140.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $158.42.

Shopify Stock Performance

Shopify stock opened at $103.00 on Tuesday. Shopify Inc. has a fifty-two week low of $94.00 and a fifty-two week high of $182.19. The firm has a 50 day moving average price of $115.83 and a 200 day moving average price of $135.19. The company has a market capitalization of $133.66 billion, a PE ratio of 101.98, a price-to-earnings-growth ratio of 2.89 and a beta of 2.64.

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, beating the consensus estimate of $0.22 by $998.78. Shopify had a net margin of 10.77% and a return on equity of 12.07%. The firm had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $3.08 billion. As a group, equities research analysts forecast that Shopify Inc. will post 1.36 earnings per share for the current year.

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.