Midway Capital Research & Management Makes New Investment in Shopify Inc. $SHOP

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

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Shopify by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock valued at $8,158,643,000 after purchasing an additional 743,803 shares in the last quarter. Norges Bank acquired a new position in shares of Shopify during the fourth quarter valued at approximately $2,611,797,000. Invesco Ltd. raised its holdings in shares of Shopify by 9.8% during the fourth quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker’s stock valued at $2,257,796,000 after acquiring an additional 1,252,074 shares during the last quarter. Geode Capital Management LLC boosted its stake in Shopify by 6.2% during the 4th quarter. Geode Capital Management LLC now owns 12,601,476 shares of the software maker’s stock worth $2,043,365,000 after purchasing an additional 737,892 shares during the last quarter. Finally, Mackenzie Financial Corp grew its stake in Shopify by 9.1% during the 4th quarter. Mackenzie Financial Corp now owns 9,961,097 shares of the software maker’s stock valued at $1,627,352,000 after acquiring an additional 827,643 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SHOP has been the subject of several analyst reports. 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. Barclays set a $126.00 price objective on shares of Shopify and gave the company an “equal weight” rating in a report on Wednesday, May 6th. National Bank Financial lowered their price objective on Shopify from $200.00 to $155.00 and set an “outperform” rating for the company in a research report on Wednesday, May 27th. Citizens Jmp dropped their price target on shares of Shopify from $160.00 to $150.00 and set a “market outperform” rating for the company in a research report on Wednesday, May 6th. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $140.00 price objective (down from $150.00) on shares of Shopify in a report on Tuesday, May 5th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and a consensus price target of $157.17.

Shopify Stock Performance

Shares of NASDAQ SHOP opened at $108.85 on Friday. The stock’s 50-day simple moving average is $113.17 and its 200-day simple moving average is $129.94. Shopify Inc. has a fifty-two week low of $94.00 and a fifty-two week high of $182.19. The firm has a market capitalization of $141.25 billion, a PE ratio of 107.77, a price-to-earnings-growth ratio of 3.05 and a beta of 2.60.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $998.78. Shopify had a net margin of 10.77% and a return on equity of 12.07%. The firm had revenue of $3.17 billion during the quarter, compared to analysts’ expectations of $3.08 billion. On average, sell-side analysts forecast 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.