Blue Jean Financial LLC Takes $3.66 Million Position in Shopify Inc. $SHOP

Blue Jean Financial LLC bought a new position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) during the fourth quarter, Holdings Channel reports. The firm bought 22,762 shares of the software maker’s stock, valued at approximately $3,664,000. Shopify comprises about 3.0% of Blue Jean Financial LLC’s portfolio, making the stock its 2nd biggest position.

Other institutional investors and hedge funds also recently made changes to their positions in the company. M&T Bank Corp raised its holdings in shares of Shopify by 37.1% in the 4th 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. Triasima Portfolio Management inc. raised its holdings in shares of Shopify by 11.0% in the 4th quarter. Triasima Portfolio Management inc. now owns 182,338 shares of the software maker’s stock worth $29,398,000 after acquiring an additional 18,028 shares during the last quarter. Assetmark Inc. raised its holdings in shares of Shopify by 6.7% in the 4th quarter. Assetmark Inc. now owns 213,583 shares of the software maker’s stock worth $34,380,000 after acquiring an additional 13,415 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of Shopify by 286.6% in the 4th quarter. SG Americas Securities LLC now owns 508,723 shares of the software maker’s stock worth $81,889,000 after acquiring an additional 377,129 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Shopify by 12.8% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 526,114 shares of the software maker’s stock worth $84,689,000 after acquiring an additional 59,745 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Performance

NASDAQ:SHOP opened at $108.24 on Friday. The firm has a market cap of $140.46 billion, a price-to-earnings ratio of 107.17, a price-to-earnings-growth ratio of 3.03 and a beta of 2.60. Shopify Inc. has a 52 week low of $94.00 and a 52 week high of $182.19. The firm has a 50-day moving average price of $113.99 and a two-hundred day moving average price of $131.61.

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

Analysts Set New Price Targets

SHOP has been the topic of a number of analyst reports. DA Davidson lowered their target price on shares of Shopify from $195.00 to $140.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Robert W. Baird set a $150.00 target price on shares of Shopify in a report on Wednesday, May 6th. Canaccord Genuity Group lowered their target price on shares of Shopify from $165.00 to $145.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Piper Sandler restated an “overweight” rating and issued a $150.00 target price (down from $165.00) on shares of Shopify in a report on Tuesday, May 5th. Finally, Citizens Jmp decreased their price objective on shares of Shopify from $160.00 to $150.00 and set a “market outperform” rating for the company in a research note on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $157.17.

Shopify 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.