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

Morningstar Investment Management LLC purchased a new position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 12,548 shares of the software maker’s stock, valued at approximately $2,020,000.

Other institutional investors have also modified their holdings of the company. Knights of Columbus Asset Advisors LLC acquired a new position in shares of Shopify in the third quarter worth $4,110,000. Principal Financial Group Inc. lifted its position in shares of Shopify by 16.3% during the 3rd quarter. Principal Financial Group Inc. now owns 450,895 shares of the software maker’s stock worth $67,006,000 after purchasing an additional 63,300 shares during the last quarter. Triton Financial Group Inc purchased a new stake in shares of Shopify during the 3rd quarter worth $1,931,000. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its position in shares of Shopify by 65.5% during the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 158,514 shares of the software maker’s stock worth $23,557,000 after purchasing an additional 62,743 shares during the last quarter. Finally, M&T Bank Corp lifted its position in shares of Shopify by 37.1% during the 4th quarter. M&T Bank Corp now owns 81,082 shares of the software maker’s stock worth $13,051,000 after purchasing an additional 21,945 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Price Performance

NASDAQ SHOP opened at $103.00 on Tuesday. Shopify Inc. has a 52-week low of $94.00 and a 52-week high of $182.19. The business’s 50-day moving average price is $115.83 and its 200 day moving average price is $135.19. The firm has a market cap of $133.66 billion, a P/E ratio of 101.98, a P/E/G ratio of 2.89 and a beta of 2.64.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share (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 analyst estimates of $3.08 billion. As a group, analysts anticipate that Shopify Inc. will post 1.36 earnings per share for the current year.

Analysts Set New Price Targets

SHOP has been the subject of several recent analyst reports. Arete Research set a $175.00 price objective on shares of Shopify in a research report on Monday, February 2nd. Citizens Jmp decreased their price objective on shares of Shopify from $160.00 to $150.00 and set a “market outperform” rating for the company in a research report on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $175.00 price objective on shares of Shopify in a research report on Thursday, February 12th. Stifel Nicolaus set a $115.00 price objective on shares of Shopify and gave the stock a “hold” rating in a research report on Wednesday, February 11th. Finally, KeyCorp reaffirmed an “overweight” rating and set a $160.00 price objective on shares of Shopify in a research report on Wednesday, February 11th. Two equities research 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 data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $158.42.

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.