iA Global Asset Management Inc. Boosts Position in Shopify Inc. $SHOP

iA Global Asset Management Inc. raised its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 4.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 141,324 shares of the software maker’s stock after purchasing an additional 6,414 shares during the period. iA Global Asset Management Inc.’s holdings in Shopify were worth $21,002,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in SHOP. Brighton Jones LLC raised its position in Shopify by 2.8% during the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock worth $2,252,000 after acquiring an additional 584 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Shopify by 107.3% during the 1st quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock worth $1,392,000 after purchasing an additional 7,544 shares in the last quarter. Sivia Capital Partners LLC raised its position in shares of Shopify by 6.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker’s stock worth $945,000 after purchasing an additional 506 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of Shopify by 1.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 39,386 shares of the software maker’s stock worth $4,533,000 after purchasing an additional 654 shares during the last quarter. Finally, U.S. Capital Wealth Advisors LLC lifted its stake in Shopify by 4.1% in the 2nd quarter. U.S. Capital Wealth Advisors LLC now owns 4,211 shares of the software maker’s stock valued at $486,000 after buying an additional 166 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Ratings Changes

SHOP has been the subject of several recent research reports. Benchmark reissued a “buy” rating on shares of Shopify in a research report on Wednesday, December 3rd. Citigroup reaffirmed a “market outperform” rating on shares of Shopify in a research note on Thursday, December 4th. Wolfe Research upgraded Shopify from a “hold” rating to an “outperform” rating in a research report on Tuesday, January 6th. DZ Bank upgraded shares of Shopify from a “strong sell” rating to a “hold” rating in a report on Thursday, November 6th. Finally, Bank of America lifted their price target on shares of Shopify from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Wednesday, December 17th. Twenty-four research analysts have rated the stock with a Buy rating and twenty have assigned a Hold rating to the company’s stock. According to MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and an average price target of $171.61.

Shopify Price Performance

SHOP opened at $137.64 on Friday. The stock has a market capitalization of $179.19 billion, a price-to-earnings ratio of 101.96, a price-to-earnings-growth ratio of 4.09 and a beta of 2.83. The business has a 50-day moving average of $159.16 and a two-hundred day moving average of $150.10. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.27 earnings per share 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 business had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.75 billion. Equities research analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current year.

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.