Castleark Management LLC Acquires 7,138 Shares of Shopify Inc. $SHOP

Castleark Management LLC raised its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 2.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 345,382 shares of the software maker’s stock after acquiring an additional 7,138 shares during the period. Shopify comprises 1.6% of Castleark Management LLC’s holdings, making the stock its 16th biggest holding. Castleark Management LLC’s holdings in Shopify were worth $55,596,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Kingdom Financial Group LLC. acquired a new stake in shares of Shopify during the fourth quarter valued at about $26,000. Curio Wealth LLC acquired a new stake in shares of Shopify during the fourth quarter valued at about $27,000. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in shares of Shopify during the fourth quarter valued at about $29,000. Lloyd Advisory Services LLC. acquired a new position in shares of Shopify in the fourth quarter worth approximately $31,000. Finally, Lodestone Wealth Management LLC acquired a new position in shares of Shopify in the fourth quarter worth approximately $31,000. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SHOP. Jefferies Financial Group reaffirmed a “hold” rating and issued a $140.00 price objective (down from $150.00) on shares of Shopify in a research note on Tuesday, May 5th. Robert W. Baird set a $150.00 target price on Shopify in a report on Wednesday, May 6th. Oppenheimer reiterated an “outperform” rating and issued a $175.00 target price on shares of Shopify in a report on Wednesday, May 6th. DA Davidson lowered their target price on Shopify from $195.00 to $140.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. Finally, Canaccord Genuity Group dropped their price objective on shares of Shopify from $165.00 to $145.00 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 given a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, Shopify has a consensus rating of “Moderate Buy” and a consensus target price of $157.17.

Shopify Stock Performance

SHOP stock opened at $108.24 on Friday. The company has a market capitalization of $140.46 billion, a price-to-earnings ratio of 107.17, a PEG ratio of 3.10 and a beta of 2.60. Shopify Inc. has a fifty-two week low of $94.00 and a fifty-two week high of $182.19. The stock has a fifty day moving average of $113.99 and a 200-day moving average of $131.61.

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