Zurcher Kantonalbank Zurich Cantonalbank Boosts Stake in Shopify Inc. (NYSE:SHOP)

Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.0% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 412,878 shares of the software maker’s stock after buying an additional 23,341 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Shopify were worth $32,163,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Industrial Alliance Investment Management Inc. lifted its holdings in Shopify by 292.9% during the 1st quarter. Industrial Alliance Investment Management Inc. now owns 110 shares of the software maker’s stock worth $74,000 after buying an additional 82 shares in the last quarter. Turim 21 Investimentos Ltda. acquired a new stake in shares of Shopify in the 1st quarter valued at $148,000. Fairfield Bush & CO. acquired a new stake in shares of Shopify in the 1st quarter valued at $169,000. First Manhattan Co. raised its holdings in shares of Shopify by 317.5% in the 1st quarter. First Manhattan Co. now owns 263 shares of the software maker’s stock valued at $177,000 after purchasing an additional 200 shares in the last quarter. Finally, Stonebridge Capital Advisors LLC raised its holdings in shares of Shopify by 508.2% in the 1st quarter. Stonebridge Capital Advisors LLC now owns 298 shares of the software maker’s stock valued at $201,000 after purchasing an additional 249 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Up 0.2 %

Shares of NYSE:SHOP opened at $68.70 on Wednesday. The company has a market cap of $88.39 billion, a price-to-earnings ratio of 763.31 and a beta of 2.22. The firm’s 50-day simple moving average is $77.45 and its 200-day simple moving average is $71.76. The company has a quick ratio of 6.99, a current ratio of 6.99 and a debt-to-equity ratio of 0.10. Shopify Inc. has a fifty-two week low of $45.50 and a fifty-two week high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.04. The business had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.07 billion. Shopify had a net margin of 1.87% and a return on equity of 4.48%. As a group, equities research analysts predict that Shopify Inc. will post 0.58 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Citigroup reduced their price objective on shares of Shopify from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday, February 14th. Wedbush restated a “neutral” rating and issued a $68.00 price objective on shares of Shopify in a report on Tuesday, February 13th. The Goldman Sachs Group raised their price objective on shares of Shopify from $67.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, February 29th. DA Davidson raised their price objective on shares of Shopify from $86.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. Finally, StockNews.com lowered shares of Shopify from a “hold” rating to a “sell” rating in a report on Tuesday. Four analysts have rated the stock with a sell rating, nineteen have issued a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, Shopify currently has a consensus rating of “Hold” and an average target price of $78.00.

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.