Premier Fund Managers Ltd Raises Stake in Shopify Inc. $SHOP

Premier Fund Managers Ltd lifted its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 57.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 63,146 shares of the software maker’s stock after acquiring an additional 23,146 shares during the period. Premier Fund Managers Ltd’s holdings in Shopify were worth $9,413,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of SHOP. Knights of Columbus Asset Advisors LLC purchased a new stake in shares of Shopify in the 3rd quarter valued at approximately $4,110,000. Principal Financial Group Inc. increased its holdings in Shopify by 16.3% in the 3rd quarter. Principal Financial Group Inc. now owns 450,895 shares of the software maker’s stock valued at $67,006,000 after purchasing an additional 63,300 shares during the last quarter. Triton Financial Group Inc purchased a new stake in Shopify in the third quarter valued at approximately $1,931,000. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its stake in Shopify by 65.5% during the third 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 in the last quarter. Finally, TriaGen Wealth Management LLC acquired a new position in Shopify during the third quarter worth $2,562,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of SHOP opened at $126.20 on Friday. The stock has a 50-day simple moving average of $145.96 and a 200-day simple moving average of $150.69. The stock has a market capitalization of $164.29 billion, a PE ratio of 135.70, a PEG ratio of 4.60 and a beta of 2.83. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $182.19.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Bank of America raised their price target on Shopify from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, December 17th. DZ Bank raised Shopify from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 16th. JPMorgan Chase & Co. lifted their target price on Shopify from $179.00 to $180.00 and gave the company an “overweight” rating in a research report on Wednesday, November 5th. Truist Financial set a $150.00 price target on shares of Shopify and gave the stock a “buy” rating in a research note on Tuesday, February 17th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Shopify in a research report on Monday, December 29th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $162.64.

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.