Alberta Investment Management Corp Acquires New Stake in Shopify Inc. $SHOP

Alberta Investment Management Corp acquired a new stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the fourth quarter, Holdings Channel reports. The firm acquired 588,098 shares of the software maker’s stock, valued at approximately $94,694,000.

A number of other large investors have also recently bought and sold shares of SHOP. Brighton Jones LLC grew its holdings in Shopify by 2.8% during the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock worth $2,252,000 after acquiring an additional 584 shares during the period. AQR Capital Management LLC grew its holdings in Shopify by 107.3% during the 1st quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock worth $1,392,000 after acquiring an additional 7,544 shares during the period. Sivia Capital Partners LLC grew its holdings in Shopify by 6.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker’s stock worth $945,000 after acquiring an additional 506 shares during the period. Osterweis Capital Management Inc. acquired a new stake in Shopify during the 2nd quarter worth about $53,000. Finally, Main Street Financial Solutions LLC grew its holdings in Shopify by 15.3% during the 2nd quarter. Main Street Financial Solutions LLC now owns 11,131 shares of the software maker’s stock worth $1,284,000 after acquiring an additional 1,479 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Performance

Shares of NASDAQ SHOP opened at $112.49 on Tuesday. Shopify Inc. has a fifty-two week low of $94.00 and a fifty-two week high of $182.19. The stock has a market cap of $145.97 billion, a price-to-earnings ratio of 111.38, a PEG ratio of 3.03 and a beta of 2.60. The firm’s 50-day simple moving average is $113.88 and its 200 day simple moving average is $131.13.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly 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. Shopify had a net margin of 10.77% and a return on equity of 12.07%. The business had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $3.08 billion. On average, sell-side analysts predict that Shopify Inc. will post 1.36 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on SHOP shares. Royal Bank Of Canada reiterated an “outperform” rating and set a $170.00 price target on shares of Shopify in a report on Wednesday, May 6th. Barclays set a $126.00 price target on Shopify and gave the stock an “equal weight” rating in a report on Wednesday, May 6th. DA Davidson decreased their price target on Shopify from $195.00 to $140.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. Piper Sandler reiterated an “overweight” rating and set a $150.00 price target (down from $165.00) on shares of Shopify in a report on Tuesday, May 5th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $180.00 price target on shares of Shopify in a report on Tuesday, May 5th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $157.17.

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.