Shopify Inc. (NYSE:SHOP) Shares Acquired by Left Brain Wealth Management LLC

Left Brain Wealth Management LLC increased its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 27.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,132 shares of the software maker’s stock after acquiring an additional 7,199 shares during the period. Shopify makes up about 1.3% of Left Brain Wealth Management LLC’s holdings, making the stock its 28th largest holding. Left Brain Wealth Management LLC’s holdings in Shopify were worth $3,523,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. FMR LLC raised its stake in shares of Shopify by 16.1% in the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after acquiring an additional 5,869,795 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Shopify by 6.3% in the third quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock valued at $658,248,000 after acquiring an additional 484,561 shares in the last quarter. National Bank of Canada FI raised its stake in shares of Shopify by 28.0% in the third quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock valued at $593,588,000 after acquiring an additional 1,621,981 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Shopify by 30.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,095,382 shares of the software maker’s stock valued at $754,201,000 after purchasing an additional 1,647,374 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Shopify by 9.6% in the 3rd quarter. Geode Capital Management LLC now owns 5,387,806 shares of the software maker’s stock valued at $432,573,000 after purchasing an additional 471,280 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Trading Down 6.2 %

SHOP stock opened at $90.51 on Friday. The company’s 50-day moving average price is $111.17 and its 200 day moving average price is $98.29. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38. The company has a market cap of $117.19 billion, a P/E ratio of 58.39, a P/E/G ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its 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%. On average, equities research analysts expect that Shopify Inc. will post 1.12 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on SHOP. Cantor Fitzgerald restated a “neutral” rating and issued a $120.00 price objective on shares of Shopify in a report on Wednesday, February 12th. Benchmark upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 price objective on the stock in a report on Monday, February 10th. DA Davidson raised their price objective on shares of Shopify from $130.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Citigroup raised their price objective on shares of Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, February 11th. Finally, Robert W. Baird raised their price objective on shares of Shopify from $126.00 to $135.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $126.31.

About Shopify

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.