Shopify Inc. $SHOP Stock Position Lifted by IQ EQ FUND MANAGEMENT IRELAND Ltd

Key Points

• IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its stake in Shopify by 65.5% in Q3 to 158,514 shares (about $23.56 million), making the stock its 10th-largest holding at 1.6% of assets.
• Shopify beat Q3 estimates with $0.27 EPS (vs. $0.24) and $2.84B revenue, and several analysts raised targets—MarketBeat shows a consensus rating of "Moderate Buy" with a $171.70 consensus target price.
• The shares opened at $111.24 (down 2.4%), trading well below the 50- and 200-day moving averages (~$155 and $151) and carrying a high P/E of 82.4, reflecting a recent pullback despite bullish analyst views.

IQ EQ FUND MANAGEMENT IRELAND Ltd increased its position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 65.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 158,514 shares of the software maker's stock after acquiring an additional 62,743 shares during the quarter. Shopify comprises 1.6% of IQ EQ FUND MANAGEMENT IRELAND Ltd's holdings, making the stock its 10th biggest position. IQ EQ FUND MANAGEMENT IRELAND Ltd's holdings in Shopify were worth $23,557,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Twin Peaks Wealth Advisors LLC grew its stake in Shopify by 1.7% during the 3rd quarter. Twin Peaks Wealth Advisors LLC now owns 3,448 shares of the software maker's stock worth $512,000 after buying an additional 59 shares during the last quarter. Accurate Wealth Management LLC raised its stake in Shopify by 2.0% in the third quarter. Accurate Wealth Management LLC now owns 3,438 shares of the software maker's stock valued at $526,000 after buying an additional 67 shares during the last quarter. Rothschild Investment LLC boosted its holdings in Shopify by 47.5% in the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker's stock worth $27,000 after acquiring an additional 75 shares in the last quarter. Sivia Capital Partners LLC grew its stake in shares of Shopify by 0.9% during the third quarter. Sivia Capital Partners LLC now owns 8,265 shares of the software maker's stock worth $1,228,000 after acquiring an additional 75 shares during the last quarter. Finally, Seros Financial LLC increased its holdings in shares of Shopify by 2.7% during the third quarter. Seros Financial LLC now owns 2,856 shares of the software maker's stock valued at $424,000 after acquiring an additional 75 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Down 2.4%

Shopify stock opened at $111.24 on Friday. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $182.19. The firm has a market cap of $144.82 billion, a price-to-earnings ratio of 82.40, a price-to-earnings-growth ratio of 3.36 and a beta of 2.83. The business's 50-day moving average price is $155.28 and its 200 day moving average price is $150.97.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last released its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.27 EPS for the quarter, topping the consensus estimate of $0.24 by $0.03. The business had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.75 billion. Shopify had a return on equity of 11.72% and a net margin of 16.65%. Equities analysts expect that Shopify Inc. will post 1.12 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Arete Research set a $175.00 target price on shares of Shopify in a research note on Monday. Morgan Stanley reiterated an "overweight" rating and set a $192.00 price objective (up from $165.00) on shares of Shopify in a research note on Wednesday, November 5th. Jefferies Financial Group reissued a "hold" rating on shares of Shopify in a research report on Tuesday. BMO Capital Markets lifted their price target on Shopify from $180.00 to $190.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 5th. Finally, DA Davidson increased their price objective on Shopify from $185.00 to $195.00 and gave the company a "buy" rating in a report on Wednesday, November 5th. Twenty-five research analysts have rated the stock with a Buy rating and nineteen have assigned a Hold rating to the company. According to data from MarketBeat, Shopify presently has a consensus rating of "Moderate Buy" and a consensus target price of $171.70.

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.

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