BluePointe Capital Management LLC Increases Stock Position in Shopify Inc. (NYSE:SHOP)

BluePointe Capital Management LLC lifted its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 5.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,285 shares of the software maker’s stock after purchasing an additional 522 shares during the period. BluePointe Capital Management LLC’s holdings in Shopify were worth $1,094,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of SHOP. FMR LLC boosted its stake in shares of Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after purchasing an additional 5,869,795 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Shopify by 6.3% during 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 buying an additional 484,561 shares during the period. National Bank of Canada FI boosted its position in Shopify by 28.0% during the third quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after acquiring an additional 1,621,981 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in 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 worth $754,201,000 after acquiring an additional 1,647,374 shares during the period. Finally, Geode Capital Management LLC raised its holdings in 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 acquiring an additional 471,280 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on SHOP. Deutsche Bank Aktiengesellschaft lifted their price objective on Shopify from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Evercore ISI upped their price objective on shares of Shopify from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. The Goldman Sachs Group increased their price objective on shares of Shopify from $135.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. DA Davidson boosted their target price on shares of Shopify from $130.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Finally, Barclays increased their price target on shares of Shopify from $93.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 12th. One equities research 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. According to MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Trading Up 8.2 %

Shares of NYSE:SHOP opened at $101.69 on Thursday. The firm has a market cap of $131.66 billion, a PE ratio of 65.60, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60. The company has a fifty day simple moving average of $110.15 and a 200 day simple moving average of $99.10. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last released 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%. As a group, equities research analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

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.