60,775 Shares in Shopify Inc. $SHOP Bought by Purpose Unlimited Inc.

Purpose Unlimited Inc. purchased a new stake 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 purchased 60,775 shares of the software maker’s stock, valued at approximately $9,785,000.

Other large investors have also bought and sold shares of the company. Norges Bank purchased a new position in shares of Shopify in the fourth quarter worth about $2,611,797,000. Sands Capital Management LLC lifted its stake in shares of Shopify by 37.0% during the 4th quarter. Sands Capital Management LLC now owns 9,506,036 shares of the software maker’s stock valued at $1,530,187,000 after buying an additional 2,568,765 shares in the last quarter. Invesco Ltd. boosted its holdings in Shopify by 9.8% in the 4th quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker’s stock worth $2,257,796,000 after buying an additional 1,252,074 shares during the period. Thrivent Financial for Lutherans boosted its holdings in Shopify by 7,207.2% in the 4th quarter. Thrivent Financial for Lutherans now owns 1,148,259 shares of the software maker’s stock worth $184,883,000 after buying an additional 1,132,545 shares during the period. Finally, Select Equity Group L.P. boosted its holdings in Shopify by 92.5% in the 2nd quarter. Select Equity Group L.P. now owns 2,246,473 shares of the software maker’s stock worth $259,124,000 after buying an additional 1,079,494 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Shopify Price Performance

SHOP stock opened at $108.85 on Friday. The firm has a 50 day simple moving average of $113.17 and a two-hundred day simple moving average of $129.94. The stock has a market cap of $141.25 billion, a PE ratio of 107.77, a P/E/G ratio of 3.05 and a beta of 2.60. Shopify Inc. has a one year low of $94.00 and a one year high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, May 5th. The software maker reported $999.00 EPS for the quarter, beating 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 business had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $3.08 billion. On average, research analysts expect that Shopify Inc. will post 1.39 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. UBS Group reissued a “neutral” rating on shares of Shopify in a report on Thursday, May 28th. Needham & Company LLC reaffirmed a “buy” rating and issued a $180.00 price target on shares of Shopify in a report on Tuesday, May 5th. Citizens Jmp cut their price target on Shopify from $160.00 to $150.00 and set a “market outperform” rating for the company in a report on Wednesday, May 6th. Barclays set a $126.00 price target on Shopify and gave the company an “equal weight” rating in a research report on Wednesday, May 6th. Finally, Canaccord Genuity Group dropped their price objective on Shopify from $165.00 to $145.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $157.17.

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.