SurgoCap Partners LP Invests $56.04 Million in Shopify Inc. $SHOP

SurgoCap Partners LP bought a new position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 348,131 shares of the software maker’s stock, valued at approximately $56,039,000. Shopify makes up about 1.6% of SurgoCap Partners LP’s holdings, making the stock its 17th largest holding.

A number of other hedge funds have also modified their holdings of the stock. First Affirmative Financial Network raised its holdings in shares of Shopify by 3.4% in the 3rd quarter. First Affirmative Financial Network now owns 2,275 shares of the software maker’s stock worth $338,000 after buying an additional 75 shares in the last quarter. TBH Global Asset Management LLC raised its holdings in shares of Shopify by 1.2% in the 4th quarter. TBH Global Asset Management LLC now owns 6,438 shares of the software maker’s stock worth $1,036,000 after buying an additional 75 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of Shopify by 13.9% in the 2nd quarter. Smartleaf Asset Management LLC now owns 631 shares of the software maker’s stock worth $72,000 after buying an additional 77 shares in the last quarter. Dynamic Advisor Solutions LLC raised its holdings in shares of Shopify by 2.6% in the 4th quarter. Dynamic Advisor Solutions LLC now owns 3,164 shares of the software maker’s stock worth $509,000 after buying an additional 80 shares in the last quarter. Finally, Pacific Sage Partners LLC raised its holdings in shares of Shopify by 3.9% in the 4th quarter. Pacific Sage Partners LLC now owns 2,133 shares of the software maker’s stock worth $343,000 after buying an additional 80 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on SHOP shares. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $170.00 price target on shares of Shopify in a report on Wednesday, May 6th. Canaccord Genuity Group dropped their price target on Shopify from $165.00 to $145.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. Jefferies Financial Group reaffirmed a “hold” rating and set a $140.00 price target (down from $150.00) on shares of Shopify in a report on Tuesday, May 5th. Robert W. Baird set a $150.00 price target on Shopify in a report on Wednesday, May 6th. Finally, National Bank Financial dropped their price target on Shopify from $200.00 to $155.00 and set an “outperform” rating for the company in a report on Wednesday, May 27th. 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 stock. According to data from MarketBeat, Shopify presently has an average rating of “Moderate Buy” and a consensus target price of $157.17.

Shopify Stock Performance

Shares of SHOP opened at $112.49 on Tuesday. The firm has a market capitalization of $145.97 billion, a price-to-earnings ratio of 111.38, a PEG ratio of 3.03 and a beta of 2.60. The business’s fifty day moving average price is $113.88 and its two-hundred day moving average price is $131.13. Shopify Inc. has a 52 week low of $94.00 and a 52 week high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, May 5th. The software maker reported $999.00 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $998.78. The firm had revenue of $3.17 billion for the quarter, compared to analyst estimates of $3.08 billion. Shopify had a return on equity of 12.07% and a net margin of 10.77%. As a group, research analysts forecast 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.