ProShare Advisors LLC Purchases 577,193 Shares of Shopify Inc. $SHOP

ProShare Advisors LLC raised its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 43.6% during the 4th quarter, HoldingsChannel.com reports. The fund owned 1,899,632 shares of the software maker’s stock after acquiring an additional 577,193 shares during the period. ProShare Advisors LLC’s holdings in Shopify were worth $305,784,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Mowery & Schoenfeld Wealth Management LLC bought a new stake in Shopify during the 4th quarter valued at approximately $29,000. Lodestone Wealth Management LLC bought a new stake in Shopify during the 4th quarter valued at approximately $31,000. Sound Income Strategies LLC boosted its position in Shopify by 82.4% during the 4th quarter. Sound Income Strategies LLC now owns 197 shares of the software maker’s stock valued at $31,000 after acquiring an additional 89 shares in the last quarter. Navalign LLC bought a new stake in Shopify during the 4th quarter valued at approximately $34,000. Finally, JPL Wealth Management LLC bought a new stake in Shopify during the 3rd quarter valued at approximately $32,000. 69.27% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on SHOP shares. Citigroup cut their price objective on Shopify from $163.00 to $156.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. Cantor Fitzgerald reissued a “neutral” rating and issued a $126.00 price target (down from $181.00) on shares of Shopify in a research report on Thursday, February 12th. BMO Capital Markets dropped their price target on Shopify from $160.00 to $145.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 6th. Wedbush dropped their price target on Shopify from $185.00 to $160.00 and set an “outperform” rating on the stock in a research report on Thursday, February 12th. Finally, Barclays set a $126.00 price target on Shopify and gave the stock an “equal weight” rating in a research report on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and an average price target of $158.42.

Shopify Stock Up 2.1%

Shares of SHOP opened at $102.39 on Tuesday. The business’s 50 day moving average price is $118.47 and its 200-day moving average price is $137.61. Shopify Inc. has a 52 week low of $94.00 and a 52 week high of $182.19. The stock has a market cap of $132.87 billion, a P/E ratio of 101.38, a P/E/G ratio of 2.81 and a beta of 2.64.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 EPS for the quarter, topping 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 firm had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $3.08 billion. On average, equities analysts anticipate that Shopify Inc. will post 1.36 EPS for the current 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.