323,136 Shares in Shopify Inc. $SHOP Purchased by Life Cycle Investment Partners Ltd

Life Cycle Investment Partners Ltd bought a new position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 323,136 shares of the software maker’s stock, valued at approximately $52,015,000.

Other hedge funds also recently made changes to their positions in the company. Knights of Columbus Asset Advisors LLC purchased a new stake in shares of Shopify in the third quarter worth about $4,110,000. Principal Financial Group Inc. lifted its position in shares of 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 buying an additional 63,300 shares in the last quarter. Triton Financial Group Inc bought a new stake in Shopify during the third quarter worth approximately $1,931,000. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its stake in Shopify by 65.5% during 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 during the last quarter. Finally, M&T Bank Corp increased its stake in Shopify by 37.1% during 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 during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on SHOP shares. Cantor Fitzgerald reissued a “neutral” rating and set a $126.00 price objective (down from $181.00) on shares of Shopify in a research note on Thursday, February 12th. KeyCorp reissued an “overweight” rating and set a $160.00 price objective on shares of Shopify in a research note on Wednesday, February 11th. Arete Research set a $175.00 price objective on Shopify in a research note on Monday, February 2nd. Piper Sandler reissued an “overweight” rating and set a $150.00 price objective (down from $165.00) on shares of Shopify in a research note on Tuesday, May 5th. Finally, Citizens Jmp reduced their price objective on Shopify from $160.00 to $150.00 and set a “market outperform” rating on the stock in a research note on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $158.42.

Shopify Stock Performance

SHOP opened at $103.00 on Friday. The stock has a market cap of $133.66 billion, a price-to-earnings ratio of 101.98, a P/E/G ratio of 2.89 and a beta of 2.64. The stock’s 50 day moving average price is $116.29 and its 200-day moving average price is $135.86. Shopify Inc. has a one year low of $94.00 and a one year high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, May 5th. The software maker reported $999.00 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $998.78. The firm had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Shopify had a return on equity of 12.07% and a net margin of 10.77%. As a group, analysts predict that Shopify Inc. will post 1.36 earnings per share for the current fiscal 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.