Facet Wealth Inc. Invests $760,000 in Shopify Inc. $SHOP

Facet Wealth Inc. purchased a new stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 5,112 shares of the software maker’s stock, valued at approximately $760,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. iA Global Asset Management Inc. lifted its holdings in shares of Shopify by 4.8% in the 3rd quarter. iA Global Asset Management Inc. now owns 141,324 shares of the software maker’s stock worth $21,002,000 after buying an additional 6,414 shares during the period. Strs Ohio raised its holdings in shares of Shopify by 29.6% in the third quarter. Strs Ohio now owns 416,224 shares of the software maker’s stock valued at $61,853,000 after acquiring an additional 95,047 shares in the last quarter. Emerald Mutual Fund Advisers Trust lifted its stake in Shopify by 83.7% in the third quarter. Emerald Mutual Fund Advisers Trust now owns 4,053 shares of the software maker’s stock worth $602,000 after acquiring an additional 1,847 shares during the period. Johnson Financial Group LLC purchased a new stake in Shopify in the third quarter worth about $238,000. Finally, Simplicity Wealth LLC grew its holdings in Shopify by 51.6% during the 3rd quarter. Simplicity Wealth LLC now owns 24,385 shares of the software maker’s stock worth $3,624,000 after acquiring an additional 8,298 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Trading Down 0.6%

NASDAQ SHOP opened at $137.64 on Friday. The firm’s fifty day simple moving average is $159.16 and its two-hundred day simple moving average is $150.10. The firm has a market capitalization of $179.19 billion, a P/E ratio of 101.96, a P/E/G ratio of 4.09 and a beta of 2.83. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $182.19.

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

Wall Street Analysts Forecast Growth

SHOP has been the subject of several recent research reports. Wolfe Research upgraded shares of Shopify from a “hold” rating to an “outperform” rating in a report on Tuesday, January 6th. Bank of America boosted their price objective 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. Zacks Research lowered Shopify from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 12th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $198.00 target price (up previously from $125.00) on shares of Shopify in a research report on Wednesday, December 17th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $200.00 price target on shares of Shopify in a report on Wednesday, January 7th. Twenty-four investment analysts have rated the stock with a Buy rating and twenty have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average 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.