Cabot Wealth Management Inc. Buys Shares of 12,054 Shopify Inc. $SHOP

Cabot Wealth Management Inc. purchased a new stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 12,054 shares of the software maker’s stock, valued at approximately $1,791,000.

Several other institutional investors have also recently made changes to their positions in SHOP. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Shopify by 171.3% during the second 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. increased its stake in shares of 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 worth $603,425,000 after purchasing an additional 218,829 shares in the last quarter. TriaGen Wealth Management LLC bought a new stake in shares of Shopify during the 3rd quarter valued at $2,562,000. Triasima Portfolio Management inc. lifted its stake in shares of Shopify by 22.4% during the 3rd quarter. Triasima Portfolio Management inc. now owns 164,310 shares of the software maker’s stock valued at $24,416,000 after buying an additional 30,061 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. lifted 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 valued at $46,185,000 after buying an additional 35,113 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on SHOP. TD Securities raised Shopify to a “hold” rating in a report on Thursday, December 4th. Raymond James Financial reiterated a “market perform” rating on shares of Shopify in a research report on Monday, December 1st. Canaccord Genuity Group boosted their price target on Shopify from $165.00 to $185.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. Morgan Stanley restated an “overweight” rating and issued a $192.00 price target (up from $165.00) on shares of Shopify in a research note on Wednesday, November 5th. Finally, KeyCorp lifted their price objective on shares of Shopify from $175.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, October 30th. 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 has a consensus rating of “Moderate Buy” and an average target price of $171.61.

Shopify Stock Up 0.2%

Shopify stock opened at $137.89 on Monday. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $182.19. The firm’s fifty day moving average is $159.00 and its 200 day moving average is $150.76. The company has a market cap of $179.51 billion, a price-to-earnings ratio of 102.14, a PEG ratio of 4.08 and a beta of 2.83.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The firm had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.75 billion. Shopify had a net margin of 16.65% and a return on equity of 11.72%. On average, equities research analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Shopify Company 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.