Broadleaf Partners LLC Purchases Shares of 39,905 Shopify Inc. $SHOP

Broadleaf Partners LLC purchased a new stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 39,905 shares of the software maker’s stock, valued at approximately $6,424,000.

Several other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Shopify in the 4th quarter worth approximately $2,611,797,000. Thrivent Financial for Lutherans boosted its stake in shares of Shopify by 7,207.2% in the 4th quarter. Thrivent Financial for Lutherans now owns 1,148,259 shares of the software maker’s stock worth $184,883,000 after buying an additional 1,132,545 shares during the last quarter. Select Equity Group L.P. boosted its stake in shares of Shopify by 92.5% in the 2nd quarter. Select Equity Group L.P. now owns 2,246,473 shares of the software maker’s stock worth $259,124,000 after buying an additional 1,079,494 shares during the last quarter. Steadfast Capital Management LP purchased a new position in shares of Shopify in the 3rd quarter worth $140,930,000. Finally, Vanguard Group Inc. lifted its position in Shopify by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock valued at $8,158,643,000 after purchasing an additional 743,803 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

SHOP has been the topic of several analyst reports. Canaccord Genuity Group lowered their target price on Shopify from $165.00 to $145.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. UBS Group reaffirmed a “neutral” rating on shares of Shopify in a report on Thursday, May 28th. Phillip Securities upgraded Shopify from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 18th. Oppenheimer reiterated an “outperform” rating and issued a $175.00 price target on shares of Shopify in a research report on Wednesday, May 6th. Finally, Needham & Company LLC restated a “buy” rating and set a $180.00 target price on shares of Shopify in a research report on Tuesday, May 5th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $157.17.

Shopify Trading Down 2.0%

Shares of Shopify stock opened at $108.24 on Friday. The firm has a market capitalization of $140.46 billion, a PE ratio of 107.17, a P/E/G ratio of 3.10 and a beta of 2.60. Shopify Inc. has a twelve month low of $94.00 and a twelve month high of $182.19. The firm’s 50-day moving average price is $113.99 and its 200 day moving average price is $131.61.

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