Destination Wealth Management Makes New Investment in Shopify Inc. $SHOP

Destination Wealth Management purchased a new stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 5,332 shares of the software maker’s stock, valued at approximately $858,000.

Other large investors have also modified their holdings of the company. Kingdom Financial Group LLC. acquired a new position in shares of Shopify in the 4th quarter valued at $26,000. Curio Wealth LLC acquired a new position in shares of Shopify in the 4th quarter valued at $27,000. Mowery & Schoenfeld Wealth Management LLC acquired a new position in shares of Shopify in the 4th quarter valued at $29,000. Lodestone Wealth Management LLC acquired a new position in shares of Shopify in the 4th quarter valued at $31,000. Finally, Sound Income Strategies LLC lifted its stake in shares of Shopify by 82.4% in the 4th quarter. Sound Income Strategies LLC now owns 197 shares of the software maker’s stock valued at $31,000 after purchasing an additional 89 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Performance

SHOP opened at $108.24 on Monday. The stock’s 50-day moving average price is $113.99 and its 200 day moving average price is $131.44. Shopify Inc. has a 12-month low of $94.00 and a 12-month high of $182.19. The firm has a market cap of $140.46 billion, a price-to-earnings ratio of 107.17, a PEG ratio of 3.03 and a beta of 2.60.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $998.78. Shopify had a return on equity of 12.07% and a net margin of 10.77%.The firm had revenue of $3.17 billion for the quarter, compared to analyst estimates of $3.08 billion. On average, research analysts forecast that Shopify Inc. will post 1.36 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on SHOP. Jefferies Financial Group reaffirmed a “hold” rating and issued a $140.00 price target (down from $150.00) on shares of Shopify in a research note on Tuesday, May 5th. Canaccord Genuity Group decreased their price target on Shopify from $165.00 to $145.00 and set a “buy” rating on the stock in a research note on Wednesday, May 6th. Piper Sandler reaffirmed an “overweight” rating and issued a $150.00 price target (down from $165.00) on shares of Shopify in a research note on Tuesday, May 5th. BMO Capital Markets decreased their price target on Shopify from $160.00 to $145.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 6th. Finally, Robert W. Baird set a $150.00 price target on Shopify in a research note on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $157.17.

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.