Carnegie Investment Counsel Grows Stock Position in Shopify Inc. $SHOP

Carnegie Investment Counsel raised its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 3.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 116,103 shares of the software maker’s stock after purchasing an additional 4,410 shares during the quarter. Carnegie Investment Counsel’s holdings in Shopify were worth $17,254,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Family Legacy Financial Solutions LLC bought a new stake in Shopify during the 2nd quarter valued at $25,000. Financial Gravity Companies Inc. purchased a new position in shares of Shopify in the second quarter valued at about $27,000. Rothschild Investment LLC raised its stake in shares of Shopify by 47.5% during the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after acquiring an additional 75 shares during the last quarter. Heartwood Wealth Advisors LLC purchased a new stake in shares of Shopify during the third quarter worth about $27,000. Finally, Tradewinds Capital Management LLC grew its stake in shares of Shopify by 71.4% in the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock worth $28,000 after purchasing an additional 100 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

SHOP opened at $170.83 on Friday. The firm has a market cap of $222.39 billion, a PE ratio of 126.54, a P/E/G ratio of 6.28 and a beta of 2.82. The stock has a 50-day moving average price of $161.32 and a 200-day moving average price of $143.76. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.27 earnings per share 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 analyst estimates of $2.75 billion. Shopify had a net margin of 16.65% and a return on equity of 11.72%. As a group, sell-side analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Wedbush reaffirmed an “outperform” rating and set a $185.00 price target (up previously from $160.00) on shares of Shopify in a research report on Tuesday, November 4th. Needham & Company LLC restated a “buy” rating and set a $180.00 target price on shares of Shopify in a report on Wednesday, November 5th. Canaccord Genuity Group lifted their price target on shares of Shopify from $165.00 to $185.00 and gave the company a “buy” rating in a report on Tuesday, November 4th. UBS Group set a $195.00 price objective on shares of Shopify in a report on Wednesday, December 3rd. Finally, BNP Paribas began coverage on shares of Shopify in a research report on Monday, November 24th. They issued a “neutral” rating for the company. Twenty-two equities research analysts have rated the stock with a Buy rating and twenty-three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $168.69.

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.