Prakash Investment Advisors LLC Buys New Shares in Shopify Inc. (NYSE:SHOP)

Prakash Investment Advisors LLC purchased a new stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 9,910 shares of the software maker’s stock, valued at approximately $1,054,000. Shopify comprises about 1.0% of Prakash Investment Advisors LLC’s investment portfolio, making the stock its 18th biggest position.

Several other hedge funds have also added to or reduced their stakes in the business. Dash Acquisitions Inc. lifted its holdings in Shopify by 206.5% during the 4th quarter. Dash Acquisitions Inc. now owns 113,705 shares of the software maker’s stock valued at $13,355,000 after purchasing an additional 76,602 shares during the last quarter. Sunpointe LLC acquired a new stake in Shopify during the 4th quarter valued at $225,000. Alberta Investment Management Corp lifted its holdings in Shopify by 17.2% during the 4th quarter. Alberta Investment Management Corp now owns 2,039,645 shares of the software maker’s stock valued at $216,952,000 after purchasing an additional 299,510 shares during the last quarter. Rye Brook Capital LLC acquired a new stake in Shopify during the 4th quarter valued at $279,000. Finally, Laidlaw Wealth Management LLC acquired a new stake in Shopify during the 4th quarter valued at $439,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Trading Down 3.5 %

NYSE:SHOP opened at $123.19 on Friday. The stock has a market cap of $159.18 billion, a P/E ratio of 79.48, a price-to-earnings-growth ratio of 4.98 and a beta of 2.47. The stock’s 50-day moving average is $112.84 and its 200-day moving average is $94.66. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. As a group, equities analysts forecast that Shopify Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SHOP. Royal Bank of Canada lifted their target price on Shopify from $130.00 to $145.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. ATB Capital lifted their target price on Shopify from $145.00 to $170.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 12th. Piper Sandler lifted their target price on Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a report on Wednesday, February 12th. Citigroup lifted their target price on Shopify from $143.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday, February 11th. Finally, Atb Cap Markets downgraded Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and an average target price of $126.31.

Shopify Company Profile

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.