Element Squared LLC increased its stake in shares of Shopify Inc. (NASDAQ:SHOP – Free Report) (TSE:SHOP) by 166.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,444 shares of the software maker’s stock after buying an additional 11,513 shares during the quarter. Shopify accounts for about 1.2% of Element Squared LLC’s investment portfolio, making the stock its 25th largest position. Element Squared LLC’s holdings in Shopify were worth $2,188,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also bought and sold shares of the stock. Kingdom Financial Group LLC. bought a new stake in Shopify in the fourth quarter valued at $26,000. Curio Wealth LLC bought a new position in shares of Shopify during the fourth quarter valued at $27,000. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in shares of Shopify in the 4th quarter valued at $29,000. Lodestone Wealth Management LLC acquired a new stake in shares of Shopify in the 4th quarter valued at $31,000. Finally, Sound Income Strategies LLC boosted 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 in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently issued reports on SHOP shares. National Bank Financial dropped their target price on shares of Shopify from $200.00 to $155.00 and set an “outperform” rating for the company in a research report on Wednesday, May 27th. Piper Sandler reissued an “overweight” rating and issued a $150.00 target price (down from $165.00) on shares of Shopify in a report on Tuesday, May 5th. BMO Capital Markets dropped their price target on Shopify from $160.00 to $145.00 and set an “outperform” rating for the company in a report on Wednesday, May 6th. DA Davidson reduced their price objective on Shopify from $195.00 to $140.00 and set a “buy” rating on the stock in a research note on Wednesday, May 6th. Finally, Weiss Ratings cut Shopify from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, May 6th. Two investment 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $157.17.
Shopify Trading Down 0.0%
Shares of SHOP stock opened at $114.18 on Wednesday. Shopify Inc. has a 1 year low of $94.00 and a 1 year high of $182.19. The firm’s 50 day moving average is $112.08 and its 200-day moving average is $127.41. The firm has a market capitalization of $148.17 billion, a price-to-earnings ratio of 113.05, a PEG ratio of 3.14 and a beta of 2.60.
Shopify (NASDAQ:SHOP – Get Free Report) (TSE:SHOP) last issued its quarterly earnings results 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. Shopify had a net margin of 10.77% and a return on equity of 12.07%. The business had revenue of $3.17 billion during the quarter, compared to analyst estimates of $3.08 billion. On average, equities research analysts forecast that Shopify Inc. will post 1.39 earnings per share for the current fiscal year.
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.
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