Western Financial Corp CA Has $1.77 Million Position in Shopify Inc. $SHOP

Western Financial Corp CA boosted its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 432.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,932 shares of the software maker’s stock after purchasing an additional 9,691 shares during the quarter. Western Financial Corp CA’s holdings in Shopify were worth $1,773,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Norges Bank acquired a new stake in Shopify during the 2nd quarter worth approximately $1,794,952,000. Jennison Associates LLC increased its position in Shopify by 118.1% during the second quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker’s stock worth $1,328,787,000 after acquiring an additional 6,238,829 shares during the period. Brown Advisory Inc. raised its stake in Shopify by 5,193.6% in the 2nd quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker’s stock worth $238,419,000 after purchasing an additional 2,027,839 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Shopify by 19.9% in the 2nd quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock valued at $1,247,007,000 after purchasing an additional 1,781,530 shares during the period. Finally, Picton Mahoney Asset Management boosted its holdings in Shopify by 246,359.0% in the 2nd quarter. Picton Mahoney Asset Management now owns 1,759,717 shares of the software maker’s stock valued at $202,146,000 after purchasing an additional 1,759,003 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. DA Davidson boosted their price target on Shopify from $185.00 to $195.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. BNP Paribas Exane began coverage on Shopify in a report on Monday, November 24th. They issued a “neutral” rating for the company. KeyCorp increased their target price on Shopify from $175.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $181.00 price target (up previously from $156.00) on shares of Shopify in a research note on Wednesday, November 5th. Finally, Bank of America increased their price target on shares of Shopify from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, December 17th. Twenty-two research analysts have rated the stock with a Buy rating and twenty-three have given a Hold rating to the stock. According to MarketBeat, Shopify currently has an average rating of “Hold” and an average target price of $168.69.

Shopify Stock Down 2.3%

Shares of NASDAQ:SHOP opened at $157.20 on Friday. The firm has a market cap of $204.65 billion, a P/E ratio of 116.44, a P/E/G ratio of 4.67 and a beta of 2.83. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $182.19. The business has a fifty day simple moving average of $160.94 and a 200 day simple moving average of $145.86.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.03. Shopify had a net margin of 16.65% and a return on equity of 11.72%. The company had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.75 billion. As a group, equities research analysts expect that Shopify Inc. will post 1.12 EPS for the current year.

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.