Midway Capital Research & Management Invests $1.74 Million in Shopify Inc. $SHOP

Midway Capital Research & Management bought a new stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 10,778 shares of the software maker’s stock, valued at approximately $1,735,000. Shopify accounts for approximately 1.7% of Midway Capital Research & Management’s portfolio, making the stock its 26th biggest holding.

Several other institutional investors have also modified their holdings of SHOP. Norges Bank purchased a new stake in Shopify during the fourth quarter worth $2,611,797,000. Sands Capital Management LLC boosted its stake in shares of Shopify by 37.0% during the fourth quarter. Sands Capital Management LLC now owns 9,506,036 shares of the software maker’s stock valued at $1,530,187,000 after acquiring an additional 2,568,765 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Shopify by 9.8% during the 4th quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker’s stock worth $2,257,796,000 after purchasing an additional 1,252,074 shares during the last quarter. Thrivent Financial for Lutherans boosted its position in Shopify by 7,207.2% during the fourth quarter. Thrivent Financial for Lutherans now owns 1,148,259 shares of the software maker’s stock worth $184,883,000 after acquiring an additional 1,132,545 shares during the last quarter. Finally, Select Equity Group L.P. grew its position in shares of Shopify by 92.5% in the second quarter. Select Equity Group L.P. now owns 2,246,473 shares of the software maker’s stock valued at $259,124,000 after purchasing an additional 1,079,494 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on SHOP shares. Robert W. Baird set a $150.00 target price on shares of Shopify in a report on Wednesday, May 6th. DA Davidson decreased their target price on Shopify from $195.00 to $140.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. Oppenheimer reaffirmed an “outperform” rating and set a $175.00 price target on shares of Shopify in a report on Wednesday, May 6th. Jefferies Financial Group restated a “hold” rating and set a $140.00 price objective (down from $150.00) on shares of Shopify in a research note on Tuesday, May 5th. Finally, Barclays set a $126.00 target price on shares of Shopify and gave the stock an “equal weight” rating in a research report on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and an average target price of $157.17.

Shopify Stock Performance

NASDAQ SHOP opened at $108.85 on Friday. Shopify Inc. has a 52 week low of $94.00 and a 52 week high of $182.19. The stock has a market cap of $141.25 billion, a price-to-earnings ratio of 107.77, a price-to-earnings-growth ratio of 3.05 and a beta of 2.60. The company has a 50-day moving average price of $113.17 and a two-hundred day moving average price of $129.94.

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