71 West Capital Partners Makes New $921,000 Investment in Shopify Inc. $SHOP

71 West Capital Partners bought a new position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the fourth quarter, Holdings Channel.com reports. The fund bought 5,723 shares of the software maker’s stock, valued at approximately $921,000.

A number of other large investors have also recently made changes to their positions in the company. SurgoCap Partners LP acquired a new stake in shares of Shopify in the 4th quarter valued at about $56,039,000. Alberta Investment Management Corp acquired a new position in Shopify during the fourth quarter worth approximately $94,694,000. University of Texas Texas AM Investment Management Co. purchased a new stake in Shopify in the fourth quarter valued at approximately $936,000. Truvestments Capital LLC boosted its holdings in shares of Shopify by 12.1% in the fourth quarter. Truvestments Capital LLC now owns 12,979 shares of the software maker’s stock valued at $2,089,000 after acquiring an additional 1,398 shares during the period. Finally, USS Investment Management Ltd grew its position in shares of Shopify by 0.5% during the fourth quarter. USS Investment Management Ltd now owns 191,740 shares of the software maker’s stock worth $30,846,000 after acquiring an additional 982 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Performance

Shares of Shopify stock opened at $112.49 on Tuesday. Shopify Inc. has a one year low of $94.00 and a one year high of $182.19. The company has a market cap of $145.97 billion, a P/E ratio of 111.38, a PEG ratio of 3.03 and a beta of 2.60. The firm has a fifty day moving average of $113.88 and a two-hundred day moving average of $131.13.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share for the quarter, beating the consensus estimate of $0.22 by $998.78. The business had revenue of $3.17 billion for the quarter, compared to the consensus estimate of $3.08 billion. Shopify had a net margin of 10.77% and a return on equity of 12.07%. As a group, equities analysts predict that Shopify Inc. will post 1.36 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have recently commented on SHOP shares. Jefferies Financial Group reaffirmed a “hold” rating and issued a $140.00 target price (down from $150.00) on shares of Shopify in a report on Tuesday, May 5th. Phillip Securities raised shares of Shopify from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 18th. Royal Bank Of Canada restated an “outperform” rating and issued a $170.00 price objective on shares of Shopify in a research note on Wednesday, May 6th. Canaccord Genuity Group reduced their target price on shares of Shopify from $165.00 to $145.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. Finally, Citigroup lowered their price target on Shopify from $163.00 to $156.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price 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.