K.J. Harrison & Partners Inc Buys New Shares in Shopify Inc. (NYSE:SHOP)

K.J. Harrison & Partners Inc bought a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the 4th quarter, HoldingsChannel reports. The institutional investor bought 5,175 shares of the software maker’s stock, valued at approximately $404,000.

Other hedge funds have also made changes to their positions in the company. Baillie Gifford & Co. lifted its stake in Shopify by 2.3% during the fourth quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock worth $4,998,476,000 after purchasing an additional 1,419,749 shares during the period. Vanguard Group Inc. raised its stake in shares of Shopify by 1.6% in the third quarter. Vanguard Group Inc. now owns 40,926,224 shares of the software maker’s stock valued at $2,233,344,000 after acquiring an additional 634,883 shares during the last quarter. TD Asset Management Inc boosted its holdings in shares of Shopify by 4.4% in the 3rd quarter. TD Asset Management Inc now owns 7,104,095 shares of the software maker’s stock worth $389,052,000 after acquiring an additional 299,788 shares in the last quarter. Legal & General Group Plc boosted its holdings in shares of Shopify by 6.5% in the 3rd quarter. Legal & General Group Plc now owns 6,196,285 shares of the software maker’s stock worth $339,750,000 after acquiring an additional 377,901 shares in the last quarter. Finally, Artisan Partners Limited Partnership grew its position in Shopify by 78.4% during the 3rd quarter. Artisan Partners Limited Partnership now owns 4,809,633 shares of the software maker’s stock worth $262,462,000 after acquiring an additional 2,113,773 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on SHOP shares. Robert W. Baird increased their price target on Shopify from $85.00 to $87.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 3rd. StockNews.com upgraded Shopify from a “sell” rating to a “hold” rating in a research report on Wednesday. Mizuho increased their price target on Shopify from $65.00 to $75.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 14th. CIBC increased their price target on Shopify from $82.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. Finally, National Bankshares increased their price target on Shopify from $80.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, January 26th. Three equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $78.30.

Shopify Stock Up 1.1 %

SHOP stock traded up $0.78 during trading hours on Friday, reaching $71.33. 4,611,766 shares of the stock were exchanged, compared to its average volume of 7,677,671. The firm’s 50-day moving average is $75.28 and its 200-day moving average is $72.50. The company has a market cap of $91.77 billion, a price-to-earnings ratio of 792.64 and a beta of 2.22. The company has a debt-to-equity ratio of 0.10, a current ratio of 6.99 and a quick ratio of 6.99. Shopify Inc. has a 12 month low of $45.50 and a 12 month high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. The firm had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.07 billion. Shopify had a return on equity of 4.48% and a net margin of 1.87%. On average, equities research analysts expect that Shopify Inc. will post 0.58 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.