Castleark Management LLC Raises Stake in Shopify Inc. $SHOP

Castleark Management LLC increased its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 2.1% during the fourth quarter, HoldingsChannel.com reports. The firm owned 345,382 shares of the software maker’s stock after buying an additional 7,138 shares during the period. Shopify accounts for 1.6% of Castleark Management LLC’s portfolio, making the stock its 16th largest position. Castleark Management LLC’s holdings in Shopify were worth $55,596,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in SHOP. Brighton Jones LLC raised its holdings in shares of Shopify by 2.8% in the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock valued at $2,252,000 after acquiring an additional 584 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Shopify by 107.3% in the 1st quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock valued at $1,392,000 after acquiring an additional 7,544 shares in the last quarter. Sivia Capital Partners LLC raised its holdings in shares of Shopify by 6.6% in the 2nd quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker’s stock valued at $945,000 after acquiring an additional 506 shares in the last quarter. Osterweis Capital Management Inc. purchased a new stake in shares of Shopify in the 2nd quarter valued at about $53,000. Finally, Main Street Financial Solutions LLC raised its holdings in shares of Shopify by 15.3% in the 2nd quarter. Main Street Financial Solutions LLC now owns 11,131 shares of the software maker’s stock valued at $1,284,000 after acquiring an additional 1,479 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Down 2.0%

NASDAQ SHOP opened at $108.24 on Friday. Shopify Inc. has a twelve month low of $94.00 and a twelve month high of $182.19. The firm has a market capitalization of $140.46 billion, a PE ratio of 107.17, a P/E/G ratio of 3.10 and a beta of 2.60. The stock’s 50 day moving average is $113.99 and its 200 day moving average is $131.61.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share 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 company had revenue of $3.17 billion for the quarter, compared to analyst estimates of $3.08 billion. On average, research analysts anticipate that Shopify Inc. will post 1.36 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SHOP. Jefferies Financial Group reaffirmed a “hold” rating and issued a $140.00 price target (down from $150.00) on shares of Shopify in a report on Tuesday, May 5th. DA Davidson lowered their price target on Shopify from $195.00 to $140.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Weiss Ratings cut Shopify from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, May 6th. Piper Sandler reaffirmed an “overweight” rating and issued a $150.00 price target (down from $165.00) on shares of Shopify in a report on Tuesday, May 5th. Finally, UBS Group reaffirmed a “neutral” rating on shares of Shopify in a report on Thursday, May 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $157.17.

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.