William Blair Investment Management LLC Buys 347,230 Shares of Shopify Inc. (NYSE:SHOP)

William Blair Investment Management LLC raised its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 19.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,150,751 shares of the software maker’s stock after buying an additional 347,230 shares during the quarter. William Blair Investment Management LLC owned 0.17% of Shopify worth $228,689,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Counterpoint Mutual Funds LLC raised its holdings in Shopify by 380.6% during the 4th quarter. Counterpoint Mutual Funds LLC now owns 12,867 shares of the software maker’s stock worth $1,368,000 after purchasing an additional 10,190 shares during the last quarter. Pitti Group Wealth Management LLC bought a new stake in Shopify during the 4th quarter worth approximately $255,000. Creative Financial Designs Inc. ADV boosted its position in Shopify by 4.7% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 5,495 shares of the software maker’s stock worth $584,000 after acquiring an additional 245 shares during the last quarter. SlateStone Wealth LLC boosted its position in Shopify by 8.5% during the 4th quarter. SlateStone Wealth LLC now owns 7,080 shares of the software maker’s stock worth $753,000 after acquiring an additional 555 shares during the last quarter. Finally, Facet Wealth Inc. acquired a new stake in shares of Shopify in the 4th quarter valued at approximately $207,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Up 4.7 %

SHOP stock opened at $94.88 on Monday. The company has a 50 day moving average of $110.88 and a two-hundred day moving average of $98.78. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The company has a market cap of $122.86 billion, a price-to-earnings ratio of 61.22, a PEG ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS 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, research analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on SHOP shares. Loop Capital raised Shopify from a “hold” rating to a “buy” rating and raised their price target for the company from $110.00 to $140.00 in a report on Friday, December 6th. Evercore ISI lifted their price objective on Shopify from $125.00 to $140.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. Piper Sandler boosted their price objective on Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a report on Wednesday, February 12th. Wedbush reiterated an “outperform” rating and set a $125.00 price target on shares of Shopify in a report on Tuesday, February 11th. Finally, Scotiabank upped their price target on Shopify from $115.00 to $120.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify 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.