Left Brain Wealth Management LLC Has $4.59 Million Holdings in Shopify Inc. $SHOP

Left Brain Wealth Management LLC increased its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 176.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,541 shares of the software maker’s stock after acquiring an additional 18,210 shares during the quarter. Shopify accounts for about 1.6% of Left Brain Wealth Management LLC’s holdings, making the stock its 24th largest position. Left Brain Wealth Management LLC’s holdings in Shopify were worth $4,594,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Knights of Columbus Asset Advisors LLC purchased a new position in Shopify during the third quarter valued at approximately $4,110,000. Principal Financial Group Inc. grew its position in Shopify by 16.3% in the third quarter. Principal Financial Group Inc. now owns 450,895 shares of the software maker’s stock worth $67,006,000 after acquiring an additional 63,300 shares in the last quarter. Triton Financial Group Inc bought a new stake in Shopify in the third quarter worth approximately $1,931,000. IQ EQ FUND MANAGEMENT IRELAND Ltd grew its position in Shopify by 65.5% in the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 158,514 shares of the software maker’s stock worth $23,557,000 after acquiring an additional 62,743 shares in the last quarter. Finally, M&T Bank Corp grew its position in Shopify by 37.1% in the fourth quarter. M&T Bank Corp now owns 81,082 shares of the software maker’s stock worth $13,051,000 after acquiring an additional 21,945 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on SHOP shares. Mizuho raised shares of Shopify from a “neutral” rating to an “outperform” rating and set a $150.00 target price for the company in a research report on Thursday, February 12th. Citizens Jmp decreased their target price on shares of Shopify from $160.00 to $150.00 and set a “market outperform” rating for the company in a research report on Wednesday, May 6th. Oppenheimer reissued an “outperform” rating and issued a $175.00 target price on shares of Shopify in a research report on Wednesday, May 6th. DZ Bank raised shares of Shopify from a “hold” rating to a “strong-buy” rating in a research report on Monday, February 16th. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $140.00 target price (down from $150.00) on shares of Shopify in a research report on Tuesday, May 5th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, Shopify has an average rating of “Moderate Buy” and a consensus price target of $158.42.

Shopify Trading Up 2.9%

NASDAQ SHOP opened at $100.28 on Friday. The company has a fifty day simple moving average of $119.12 and a 200 day simple moving average of $138.41. The company has a market cap of $130.13 billion, a P/E ratio of 99.29, a P/E/G ratio of 2.73 and a beta of 2.64. Shopify Inc. has a 1 year low of $94.00 and a 1 year high of $182.19.

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