Triton Financial Group Inc Buys New Stake in Shopify Inc. $SHOP

Key Points

• Triton Financial Group bought 12,995 shares of Shopify in Q3 (~$1.93M), equal to 1.3% of its portfolio and making SHOP its 23rd-largest holding.
• Multiple other institutions (including Vanguard, Compass Wealth and Cabot) also increased or initiated positions, and institutional ownership stands at about 69.27%.
• Analyst sentiment is broadly positive with a consensus rating of "Moderate Buy" and an average price target of $171.61; recent bank targets cluster around $181–$200, while SHOP trades near $136 with a market cap of roughly $177B and a P/E ≈101.

Triton Financial Group Inc bought a new position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 12,995 shares of the software maker's stock, valued at approximately $1,931,000. Shopify comprises 1.3% of Triton Financial Group Inc's portfolio, making the stock its 23rd largest position.

A number of other institutional investors have also made changes to their positions in the business. Flagstone Financial Management acquired a new stake in Shopify in the 3rd quarter valued at approximately $220,000. Compass Wealth Management LLC lifted its holdings in shares of Shopify by 212.7% during the third quarter. Compass Wealth Management LLC now owns 6,203 shares of the software maker's stock worth $922,000 after buying an additional 4,219 shares during the last quarter. Vanguard Personalized Indexing Management LLC boosted its position in shares of Shopify by 7.3% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 59,299 shares of the software maker's stock valued at $8,813,000 after acquiring an additional 4,051 shares during the period. Cabot Wealth Management Inc. acquired a new stake in shares of Shopify in the third quarter worth $1,791,000. Finally, EWA LLC increased its position in Shopify by 3.1% during the third quarter. EWA LLC now owns 3,913 shares of the software maker's stock worth $582,000 after acquiring an additional 116 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SHOP. Royal Bank Of Canada set a $200.00 price target on shares of Shopify and gave the company an "outperform" rating in a report on Monday. Cantor Fitzgerald reissued a "neutral" rating and set a $181.00 target price (up from $156.00) on shares of Shopify in a research report on Wednesday, November 5th. UBS Group set a $195.00 price target on Shopify in a research note on Wednesday, December 3rd. KeyCorp upped their price target on Shopify from $175.00 to $200.00 and gave the company an "overweight" rating in a report on Thursday, October 30th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Shopify in a report on Monday, December 29th. Twenty-four equities research analysts have rated the stock with a Buy rating and twenty have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $171.61.

Shopify Stock Performance

Shares of NASDAQ:SHOP opened at $136.31 on Tuesday. The company's fifty day moving average is $158.92 and its 200-day moving average is $150.91. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $182.19. The company has a market capitalization of $177.45 billion, a PE ratio of 100.97, a P/E/G ratio of 4.08 and a beta of 2.83.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last announced its earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.03. The business had revenue of $2.84 billion during the quarter, compared to analysts' expectations of $2.75 billion. Shopify had a net margin of 16.65% and a return on equity of 11.72%. On average, analysts forecast that Shopify Inc. will post 1.12 EPS for the current 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.

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