CWA Asset Management Group LLC Raises Stock Position in Shopify Inc. $SHOP

CWA Asset Management Group LLC boosted its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 135.2% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 8,527 shares of the software maker’s stock after acquiring an additional 4,901 shares during the period. CWA Asset Management Group LLC’s holdings in Shopify were worth $1,267,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SHOP. TriaGen Wealth Management LLC purchased a new stake in shares of Shopify during the third quarter worth about $2,562,000. Daymark Wealth Partners LLC acquired a new stake in Shopify in the 3rd quarter worth about $219,000. Cynosure Group LLC acquired a new stake in Shopify in the 3rd quarter worth about $594,000. Five Oceans Advisors purchased a new stake in Shopify during the 3rd quarter worth approximately $226,000. Finally, Asset Management One Co. Ltd. raised its holdings in shares of Shopify by 3.7% during the third quarter. Asset Management One Co. Ltd. now owns 105,719 shares of the software maker’s stock valued at $15,711,000 after acquiring an additional 3,818 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SHOP. Stifel Nicolaus set a $175.00 target price on Shopify in a research report on Tuesday, November 4th. CIBC restated an “outperform” rating on shares of Shopify in a report on Wednesday, November 5th. Bank of America lifted their target price on shares of Shopify from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Wednesday, December 17th. UBS Group set a $195.00 target price on shares of Shopify in a research report on Wednesday, December 3rd. Finally, Royal Bank Of Canada raised their price target on shares of Shopify from $170.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday, October 17th. Twenty-three equities research analysts have rated the stock with a Buy rating and twenty-three have issued a Hold rating to the stock. According to MarketBeat, Shopify currently has an average rating of “Moderate Buy” and a consensus price target of $169.14.

Shopify Trading Up 1.3%

Shares of SHOP stock opened at $168.45 on Wednesday. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $182.19. The company’s 50-day moving average price is $160.56 and its 200-day moving average price is $147.00. The stock has a market cap of $219.29 billion, a price-to-earnings ratio of 124.78, a PEG ratio of 4.94 and a beta of 2.83.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.03. Shopify had a net margin of 16.65% and a return on equity of 11.72%. The firm had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $2.75 billion. As a group, equities research analysts predict that Shopify Inc. will post 1.12 EPS for the current year.

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.