First Merchants Corp Buys 281 Shares of Shopify Inc. (NYSE:SHOP)

First Merchants Corp lifted its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 9.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,311 shares of the software maker’s stock after purchasing an additional 281 shares during the quarter. First Merchants Corp’s holdings in Shopify were worth $352,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in SHOP. GAMMA Investing LLC raised its holdings in Shopify by 73.5% in the 3rd quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock valued at $48,000 after buying an additional 253 shares during the last quarter. Creative Planning lifted its stake in shares of Shopify by 4.4% in the third quarter. Creative Planning now owns 392,415 shares of the software maker’s stock worth $31,448,000 after acquiring an additional 16,375 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its holdings in Shopify by 58.0% in the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 10,178 shares of the software maker’s stock valued at $816,000 after acquiring an additional 3,737 shares during the last quarter. Global Retirement Partners LLC increased its position in Shopify by 4.4% during the 3rd quarter. Global Retirement Partners LLC now owns 10,651 shares of the software maker’s stock valued at $854,000 after purchasing an additional 449 shares during the period. Finally, Bleakley Financial Group LLC raised its holdings in Shopify by 26.7% during the 3rd quarter. Bleakley Financial Group LLC now owns 17,113 shares of the software maker’s stock worth $1,371,000 after purchasing an additional 3,610 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Performance

NYSE SHOP opened at $128.36 on Friday. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $128.57. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The stock has a market capitalization of $165.85 billion, a PE ratio of 119.96, a P/E/G ratio of 2.49 and a beta of 2.47. The company’s 50 day simple moving average is $111.70 and its two-hundred day simple moving average is $92.27.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 11.60% and a net margin of 16.84%. Analysts predict that Shopify Inc. will post 0.91 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Oppenheimer lifted their target price on shares of Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a research note on Wednesday. Canaccord Genuity Group raised their price objective on shares of Shopify from $125.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday. ATB Capital boosted their target price on shares of Shopify from $145.00 to $170.00 and gave the stock a “sector perform” rating in a research report on Wednesday. Evercore ISI raised their price target on shares of Shopify from $125.00 to $140.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Piper Sandler boosted their price objective on Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $126.21.

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.