Harvest Portfolios Group Inc. Acquires 52,873 Shares of Shopify Inc. $SHOP

Harvest Portfolios Group Inc. boosted its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 54.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 150,542 shares of the software maker’s stock after purchasing an additional 52,873 shares during the period. Harvest Portfolios Group Inc.’s holdings in Shopify were worth $24,239,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SHOP. Mowery & Schoenfeld Wealth Management LLC acquired a new position in Shopify during the 4th quarter worth approximately $29,000. Lodestone Wealth Management LLC acquired a new position in Shopify during the 4th quarter worth approximately $31,000. Sound Income Strategies LLC increased 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 worth $31,000 after purchasing an additional 89 shares in the last quarter. Navalign LLC acquired a new position in Shopify during the 4th quarter worth approximately $34,000. Finally, JPL Wealth Management LLC acquired a new position in Shopify during the 3rd quarter worth approximately $32,000. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on SHOP shares. Cantor Fitzgerald reiterated a “neutral” rating and set a $126.00 price objective (down from $181.00) on shares of Shopify in a research report on Thursday, February 12th. Phillip Securities upgraded shares of Shopify from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 18th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $175.00 price objective on shares of Shopify in a research report on Thursday, February 12th. ATB Cormark Capital Markets upgraded shares of Shopify from a “sector perform” rating to an “outperform” rating in a research report on Tuesday, February 10th. Finally, Arete Research set a $175.00 target price on shares of Shopify in a report on Monday, February 2nd. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $158.42.

Shopify Price Performance

Shares of Shopify stock opened at $101.01 on Wednesday. Shopify Inc. has a one year low of $94.00 and a one year high of $182.19. The stock’s 50-day moving average is $117.88 and its 200 day moving average is $137.06. The firm has a market cap of $131.08 billion, a price-to-earnings ratio of 100.01, a PEG ratio of 2.87 and a beta of 2.64.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $998.78. The business had revenue of $3.17 billion for 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%. On average, sell-side analysts expect that Shopify Inc. will post 1.36 EPS for the current fiscal 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.