Concurrent Investment Advisors LLC Grows Stock Holdings in Shopify Inc. $SHOP

Concurrent Investment Advisors LLC boosted its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 83.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,589 shares of the software maker’s stock after buying an additional 12,068 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Shopify were worth $3,951,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. increased its stake in Shopify by 171.3% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker’s stock valued at $48,827,000 after purchasing an additional 267,271 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in Shopify by 4.4% in the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,231,257 shares of the software maker’s stock valued at $603,425,000 after purchasing an additional 218,829 shares during the last quarter. TriaGen Wealth Management LLC purchased a new position in shares of Shopify in the third quarter valued at $2,562,000. Oppenheimer Asset Management Inc. raised its stake in shares of Shopify by 9.6% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 400,389 shares of the software maker’s stock worth $46,185,000 after buying an additional 35,113 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Shopify by 2.6% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 2,622,495 shares of the software maker’s stock worth $301,869,000 after buying an additional 67,260 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Performance

Shares of SHOP opened at $157.51 on Thursday. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $182.19. The company has a market capitalization of $205.05 billion, a PE ratio of 116.67, a price-to-earnings-growth ratio of 4.97 and a beta of 2.83. The stock has a fifty day moving average of $159.94 and a two-hundred day moving average of $148.96.

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

Analysts Set New Price Targets

Several research firms have weighed in on SHOP. Weiss Ratings restated a “hold (c)” rating on shares of Shopify in a report on Monday, December 29th. Wedbush reissued an “outperform” rating and set a $185.00 price objective (up from $160.00) on shares of Shopify in a research note on Tuesday, November 4th. JPMorgan Chase & Co. upped their target price on Shopify from $179.00 to $180.00 and gave the company an “overweight” rating in a research note on Wednesday, November 5th. Benchmark reiterated a “buy” rating on shares of Shopify in a report on Wednesday, December 3rd. Finally, Stifel Nicolaus set a $175.00 price target on Shopify in a report on Tuesday, November 4th. Twenty-four research analysts have rated the stock with a Buy rating and twenty-one have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $171.61.

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.