Cumberland Partners Ltd Has $43.85 Million Stock Holdings in Shopify Inc. $SHOP

Cumberland Partners Ltd lifted its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 1,781.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 272,184 shares of the software maker’s stock after acquiring an additional 257,714 shares during the period. Shopify makes up 2.7% of Cumberland Partners Ltd’s portfolio, making the stock its 11th largest holding. Cumberland Partners Ltd’s holdings in Shopify were worth $43,850,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of SHOP. Jennison Associates LLC grew its stake in shares of Shopify by 64.3% in the third quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock worth $2,812,211,000 after acquiring an additional 7,403,821 shares during the last quarter. Thrivent Financial for Lutherans grew its stake in shares of Shopify by 7,207.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 1,148,259 shares of the software maker’s stock worth $184,883,000 after acquiring an additional 1,132,545 shares during the last quarter. Select Equity Group L.P. grew its stake in shares of Shopify by 92.5% in the second quarter. Select Equity Group L.P. now owns 2,246,473 shares of the software maker’s stock worth $259,124,000 after acquiring an additional 1,079,494 shares during the last quarter. Steadfast Capital Management LP acquired a new stake in shares of Shopify in the third quarter worth $140,930,000. Finally, Vanguard Group Inc. grew its stake in shares of Shopify by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock worth $8,158,643,000 after acquiring an additional 743,803 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SHOP. Stifel Nicolaus set a $115.00 price objective on shares of Shopify and gave the stock a “hold” rating in a research note on Wednesday, February 11th. Jefferies Financial Group restated a “hold” rating and issued a $140.00 price objective (down from $150.00) on shares of Shopify in a research note on Tuesday, May 5th. Evercore set a $135.00 price objective on shares of Shopify in a research note on Wednesday, February 11th. Oppenheimer restated an “outperform” rating and issued a $175.00 price objective on shares of Shopify in a research note on Wednesday, May 6th. Finally, Piper Sandler reiterated an “overweight” rating and set a $150.00 price target (down from $165.00) on shares of Shopify in a research note on Tuesday, May 5th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and an average price target of $158.42.

Shopify Trading Down 1.8%

NASDAQ SHOP opened at $103.00 on Friday. The stock’s 50 day moving average is $116.29 and its two-hundred day moving average is $135.86. The company has a market capitalization of $133.66 billion, a price-to-earnings ratio of 101.98, a PEG ratio of 2.94 and a beta of 2.64. Shopify Inc. has a 1-year low of $94.00 and a 1-year high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, May 5th. The software maker reported $999.00 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $998.78. The company had revenue of $3.17 billion for the quarter, compared to the consensus estimate of $3.08 billion. Shopify had a return on equity of 12.07% and a net margin of 10.77%. On average, analysts predict that Shopify Inc. will post 1.36 earnings per share for the current 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.