Korea Investment CORP Sells 36,572 Shares of Shopify Inc. $SHOP

Korea Investment CORP lessened its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 3.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 945,377 shares of the software maker’s stock after selling 36,572 shares during the period. Korea Investment CORP owned about 0.07% of Shopify worth $152,410,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Platinum Investment Management Ltd. bought a new position in Shopify during the 4th quarter worth about $1,314,000. Sumitomo Life Insurance Co. increased its holdings in Shopify by 0.9% during the 4th quarter. Sumitomo Life Insurance Co. now owns 11,597 shares of the software maker’s stock worth $1,867,000 after purchasing an additional 101 shares in the last quarter. Wealthspire Advisors LLC increased its holdings in Shopify by 14.5% during the 4th quarter. Wealthspire Advisors LLC now owns 20,360 shares of the software maker’s stock worth $3,277,000 after purchasing an additional 2,572 shares in the last quarter. Atalanta Sosnoff Capital LLC increased its holdings in Shopify by 1.1% during the 4th quarter. Atalanta Sosnoff Capital LLC now owns 47,979 shares of the software maker’s stock worth $7,723,000 after purchasing an additional 513 shares in the last quarter. Finally, Howland Capital Management LLC increased its holdings in Shopify by 12.8% during the 4th quarter. Howland Capital Management LLC now owns 5,456 shares of the software maker’s stock worth $878,000 after purchasing an additional 619 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on SHOP. Piper Sandler reiterated an “overweight” rating and set a $150.00 target price (down from $165.00) on shares of Shopify in a report on Tuesday, May 5th. Truist Financial set a $150.00 target price on Shopify and gave the stock a “buy” rating in a report on Tuesday, February 17th. Weiss Ratings cut Shopify from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, May 6th. Jefferies Financial Group reiterated a “hold” rating and set a $140.00 target price (down from $150.00) on shares of Shopify in a report on Tuesday, May 5th. Finally, Wells Fargo & Company reduced their price objective on shares of Shopify from $166.00 to $144.00 and set an “overweight” rating for the company in a research note on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $157.17.

Shopify Stock Performance

SHOP opened at $108.24 on Friday. Shopify Inc. has a 52-week low of $94.00 and a 52-week high of $182.19. The firm has a market capitalization of $140.46 billion, a PE ratio of 107.17, a PEG ratio of 3.10 and a beta of 2.60. The business’s 50-day simple moving average is $113.99 and its 200 day simple moving average is $131.61.

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, topping the consensus estimate of $0.22 by $998.78. Shopify had a return on equity of 12.07% and a net margin of 10.77%.The business had revenue of $3.17 billion for the quarter, compared to analyst estimates of $3.08 billion. On average, research analysts forecast that Shopify Inc. will post 1.36 earnings per share 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.