Shopify Inc. $SHOP Shares Bought by Triasima Portfolio Management inc.

Triasima Portfolio Management inc. boosted its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 22.4% during the 3rd quarter, Holdings Channel reports. The fund owned 164,310 shares of the software maker’s stock after buying an additional 30,061 shares during the period. Shopify makes up 3.7% of Triasima Portfolio Management inc.’s portfolio, making the stock its 2nd largest holding. Triasima Portfolio Management inc.’s holdings in Shopify were worth $24,416,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Shopify during the second quarter worth approximately $1,794,952,000. Jennison Associates LLC raised its holdings 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 buying an additional 6,238,829 shares during the last quarter. Brown Advisory Inc. lifted its stake in shares of Shopify by 5,193.6% in the second quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker’s stock valued at $238,419,000 after buying an additional 2,027,839 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Shopify by 19.9% in the second quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock valued at $1,247,007,000 after buying an additional 1,781,530 shares in the last quarter. Finally, Picton Mahoney Asset Management grew its holdings in shares of Shopify by 246,359.0% during the second quarter. Picton Mahoney Asset Management now owns 1,759,717 shares of the software maker’s stock valued at $202,146,000 after buying an additional 1,759,003 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Trading Down 3.5%

SHOP stock opened at $150.38 on Tuesday. The stock has a market cap of $195.77 billion, a P/E ratio of 111.39, a P/E/G ratio of 4.60 and a beta of 2.83. The stock’s fifty day simple moving average is $159.98 and its two-hundred day simple moving average is $150.08. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, November 4th. The software maker reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The company had revenue of $2.84 billion for the quarter, compared to analysts’ expectations of $2.75 billion. Shopify had a return on equity of 11.72% and a net margin of 16.65%. As a group, analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on SHOP shares. Canaccord Genuity Group raised their price target on shares of Shopify from $165.00 to $185.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Scotiabank upgraded Shopify from a “sector perform” rating to an “outperform” rating and raised their target price for the company from $165.00 to $200.00 in a report on Thursday, January 8th. Morgan Stanley reaffirmed an “overweight” rating and set a $192.00 target price (up previously from $165.00) on shares of Shopify in a research report on Wednesday, November 5th. Raymond James Financial reissued a “market perform” rating on shares of Shopify in a research report on Monday, December 1st. Finally, BNP Paribas initiated coverage on Shopify in a research note on Monday, November 24th. They set a “neutral” rating on the stock. Twenty-four equities research analysts have rated the stock with a Buy rating and twenty-one have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $171.61.

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.