BetterWealth LLC Acquires New Stake in Shopify Inc. $SHOP

BetterWealth LLC purchased a new position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 18,317 shares of the software maker’s stock, valued at approximately $2,173,000. Shopify makes up about 0.4% of BetterWealth LLC’s holdings, making the stock its 22nd biggest holding.

A number of other institutional investors have also modified their holdings of SHOP. Vanguard Group Inc. grew its stake in shares of Shopify by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock valued at $8,158,643,000 after buying an additional 743,803 shares during the period. Norges Bank purchased a new position in shares of Shopify in the 4th quarter worth $2,611,797,000. Invesco Ltd. boosted its holdings in Shopify by 9.8% in the fourth quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker’s stock valued at $2,257,796,000 after acquiring an additional 1,252,074 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Shopify by 6.2% in the fourth quarter. Geode Capital Management LLC now owns 12,601,476 shares of the software maker’s stock valued at $2,043,365,000 after acquiring an additional 737,892 shares during the last quarter. Finally, Mackenzie Financial Corp grew its position in Shopify by 9.1% during the fourth quarter. Mackenzie Financial Corp now owns 9,961,097 shares of the software maker’s stock valued at $1,627,352,000 after acquiring an additional 827,643 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SHOP. Wells Fargo & Company dropped their price target on Shopify from $166.00 to $144.00 and set an “overweight” rating for the company in a research note on Wednesday, May 6th. Piper Sandler reissued an “overweight” rating and set a $150.00 target price (down from $165.00) on shares of Shopify in a research report on Tuesday, May 5th. Royal Bank Of Canada restated an “outperform” rating and issued a $170.00 price target on shares of Shopify in a report on Wednesday, May 6th. Citigroup reaffirmed a “market outperform” rating on shares of Shopify in a research report on Thursday, June 18th. Finally, Canaccord Genuity Group dropped their price objective on shares of Shopify from $165.00 to $145.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. Two equities 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $157.17.

Shopify Trading Up 6.5%

Shares of SHOP stock opened at $121.63 on Thursday. Shopify Inc. has a twelve month low of $94.00 and a twelve month high of $182.19. The company has a market capitalization of $157.83 billion, a PE ratio of 120.43, a price-to-earnings-growth ratio of 3.14 and a beta of 2.58. The firm has a fifty day simple moving average of $111.81 and a 200-day simple moving average of $127.11.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings data 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 company had revenue of $3.17 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Equities research analysts predict that Shopify Inc. will post 1.39 EPS for the current year.

Shopify 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.