Shopify Inc. $SHOP Shares Purchased by HighTower Advisors LLC

HighTower Advisors LLC increased its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 3.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 207,714 shares of the software maker’s stock after purchasing an additional 7,839 shares during the period. HighTower Advisors LLC’s holdings in Shopify were worth $33,436,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Moloney Securities Asset Management LLC increased its stake in shares of Shopify by 1.8% during the third quarter. Moloney Securities Asset Management LLC now owns 3,951 shares of the software maker’s stock worth $587,000 after acquiring an additional 70 shares during the period. Seros Financial LLC lifted its stake in shares of Shopify by 2.7% in the third quarter. Seros Financial LLC now owns 2,856 shares of the software maker’s stock valued at $424,000 after purchasing an additional 75 shares during the period. First Affirmative Financial Network lifted its stake in shares of Shopify by 3.4% in the third quarter. First Affirmative Financial Network now owns 2,275 shares of the software maker’s stock valued at $338,000 after purchasing an additional 75 shares during the period. TBH Global Asset Management LLC lifted its stake in shares of Shopify by 1.2% in the fourth quarter. TBH Global Asset Management LLC now owns 6,438 shares of the software maker’s stock valued at $1,036,000 after purchasing an additional 75 shares during the period. Finally, Strategic Advisors LLC lifted its stake in shares of Shopify by 0.3% in the third quarter. Strategic Advisors LLC now owns 28,785 shares of the software maker’s stock valued at $4,278,000 after purchasing an additional 76 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SHOP has been the subject of several recent analyst reports. Wedbush reduced their price objective on shares of Shopify from $185.00 to $160.00 and set an “outperform” rating for the company in a research note on Thursday, February 12th. BMO Capital Markets cut their target price on shares of Shopify from $160.00 to $145.00 and set an “outperform” rating for the company in a research report on Wednesday, May 6th. Truist Financial set a $150.00 target price on shares of Shopify and gave the stock a “buy” rating in a research report on Tuesday, February 17th. 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. Finally, ATB Cormark Capital Markets upgraded shares of Shopify from a “sector perform” rating to an “outperform” rating in a report on Tuesday, February 10th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $158.42.

Shopify Price Performance

Shares of NASDAQ SHOP opened at $103.00 on Friday. The company has a market cap of $133.66 billion, a PE ratio of 101.98, a price-to-earnings-growth ratio of 2.94 and a beta of 2.64. Shopify Inc. has a 12 month low of $94.00 and a 12 month high of $182.19. The company has a 50-day simple moving average of $116.29 and a 200-day simple moving average of $135.86.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its 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 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. On average, analysts anticipate that Shopify Inc. will post 1.36 EPS for the current year.

About Shopify

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.