Blueshift Asset Management LLC Boosts Stake in Shopify Inc. (NYSE:SHOP)

Blueshift Asset Management LLC lifted its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 71.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,380 shares of the software maker’s stock after purchasing an additional 3,918 shares during the quarter. Blueshift Asset Management LLC’s holdings in Shopify were worth $997,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SHOP. FMR LLC boosted its holdings in shares of Shopify by 16.1% in 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 in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted 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 worth $754,201,000 after purchasing an additional 1,647,374 shares in the last quarter. National Bank of Canada FI boosted its holdings in shares of Shopify by 28.0% in the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after purchasing an additional 1,621,981 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Shopify by 52.5% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,848,143 shares of the software maker’s stock worth $308,390,000 after purchasing an additional 1,325,350 shares in the last quarter. Finally, Jennison Associates LLC purchased a new position in shares of Shopify in the 4th quarter worth about $132,323,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SHOP has been the subject of a number of research reports. ATB Capital upped their price objective on Shopify from $145.00 to $170.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 12th. Deutsche Bank Aktiengesellschaft increased their target price on Shopify from $125.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Piper Sandler increased their target price on Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a report on Wednesday, February 12th. Wells Fargo & Company increased their target price on Shopify from $120.00 to $135.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Finally, Jefferies Financial Group increased their target price on Shopify from $110.00 to $130.00 and gave the company a “hold” rating in a report on Tuesday, February 18th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $126.31.

Shopify Price Performance

SHOP stock opened at $101.69 on Thursday. The company has a market cap of $131.66 billion, a P/E ratio of 65.60, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The stock’s fifty day moving average price is $110.15 and its 200-day moving average price is $99.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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, analysts expect that Shopify Inc. will post 1.12 earnings per share for the current year.

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.