Ninepoint Partners LP Makes New Investment in Shopify Inc. $SHOP

Ninepoint Partners LP acquired a new position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 254,222 shares of the software maker’s stock, valued at approximately $29,027,000. Shopify accounts for approximately 2.2% of Ninepoint Partners LP’s holdings, making the stock its 10th biggest holding.

Other hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in Shopify during the 4th quarter worth approximately $2,611,797,000. Sands Capital Management LLC increased its stake in shares of Shopify by 37.0% in the fourth quarter. Sands Capital Management LLC now owns 9,506,036 shares of the software maker’s stock worth $1,530,187,000 after purchasing an additional 2,568,765 shares in the last quarter. Invesco Ltd. increased its stake in shares of Shopify by 9.8% in the fourth 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 in the last quarter. Thrivent Financial for Lutherans increased its stake in shares of Shopify by 7,207.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 1,148,259 shares of the software maker’s stock worth $184,883,000 after purchasing an additional 1,132,545 shares in the last quarter. Finally, Select Equity Group L.P. raised its position in shares of Shopify by 92.5% during the 2nd 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. 69.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on SHOP. Bank of America initiated coverage on shares of Shopify in a research note on Tuesday, July 7th. They set a “buy” rating and a $150.00 target price on the stock. DA Davidson set a $200.00 price target on Shopify and gave the company a “buy” rating in a report on Thursday, August 6th. Needham & Company LLC restated a “buy” rating and issued a $180.00 price objective on shares of Shopify in a research report on Tuesday, May 5th. Phillip Securities lowered Shopify from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday. Finally, BMO Capital Markets set a $165.00 target price on Shopify and gave the stock an “outperform” rating in a research report on Thursday, August 6th. Thirty-six equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, Shopify has a consensus rating of “Moderate Buy” and an average target price of $170.84.

Shopify Stock Performance

SHOP opened at $147.18 on Friday. The stock has a market capitalization of $189.37 billion, a price-to-earnings ratio of 99.45, a PEG ratio of 2.99 and a beta of 2.58. The company has a fifty day moving average of $125.96 and a 200 day moving average of $120.36. Shopify Inc. has a fifty-two week low of $94.00 and a fifty-two week high of $182.19. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.35 and a current ratio of 5.35.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 5th. The software maker reported $0.42 EPS for the quarter, topping the consensus estimate of $0.40 by $0.02. Shopify had a net margin of 14.53% and a return on equity of 12.58%. The business had revenue of $3.58 billion for the quarter. During the same quarter in the previous year, the firm earned $0.69 EPS. The firm’s revenue for the quarter was up 33.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Shopify Inc. will post 1.45 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.