Shopify Inc. $SHOP Shares Bought by USS Investment Management Ltd

USS Investment Management Ltd raised its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 110.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 403,039 shares of the software maker’s stock after buying an additional 211,299 shares during the period. USS Investment Management Ltd’s holdings in Shopify were worth $47,823,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of Shopify in the 4th quarter worth approximately $2,611,797,000. Sands Capital Management LLC raised its holdings in Shopify by 37.0% during the fourth quarter. Sands Capital Management LLC now owns 9,506,036 shares of the software maker’s stock worth $1,530,187,000 after purchasing an additional 2,568,765 shares during the last quarter. Invesco Ltd. raised its holdings in Shopify by 9.8% during the fourth quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker’s stock worth $2,257,796,000 after purchasing an additional 1,252,074 shares during the last quarter. Thrivent Financial for Lutherans boosted its position in Shopify by 7,207.2% during the fourth quarter. Thrivent Financial for Lutherans now owns 1,148,259 shares of the software maker’s stock worth $184,883,000 after purchasing an additional 1,132,545 shares in the last quarter. Finally, Select Equity Group L.P. boosted its position in Shopify by 92.5% during the second quarter. Select Equity Group L.P. now owns 2,246,473 shares of the software maker’s stock worth $259,124,000 after purchasing an additional 1,079,494 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Down 0.0%

SHOP opened at $114.18 on Wednesday. The firm has a market cap of $148.17 billion, a P/E ratio of 113.05, a PEG ratio of 3.14 and a beta of 2.60. Shopify Inc. has a 52 week low of $94.00 and a 52 week high of $182.19. The business’s fifty day simple moving average is $112.08 and its 200 day simple moving average is $127.41.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share for the quarter, beating the consensus estimate of $0.22 by $998.78. The firm had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $3.08 billion. Shopify had a net margin of 10.77% and a return on equity of 12.07%. As a group, equities analysts expect that Shopify Inc. will post 1.39 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Robert W. Baird set a $150.00 price target on Shopify in a research report on Wednesday, May 6th. UBS Group reaffirmed a “neutral” rating on shares of Shopify in a research note on Thursday, May 28th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $170.00 price objective on shares of Shopify in a research report on Wednesday, May 6th. DA Davidson lowered their price objective on shares of Shopify from $195.00 to $140.00 and set a “buy” rating on the stock in a research note on Wednesday, May 6th. Finally, BMO Capital Markets dropped their target price on shares of Shopify from $160.00 to $145.00 and set an “outperform” rating for the company in a 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 company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $157.17.

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.