Nicola Wealth Management LTD. Buys 34,900 Shares of Shopify Inc. (NYSE:SHOP)

Nicola Wealth Management LTD. raised its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 13.4% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 296,000 shares of the software maker’s stock after buying an additional 34,900 shares during the period. Shopify comprises 2.2% of Nicola Wealth Management LTD.’s investment portfolio, making the stock its 9th biggest position. Nicola Wealth Management LTD.’s holdings in Shopify were worth $23,721,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Oliver Lagore Vanvalin Investment Group raised its stake in Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after purchasing an additional 200 shares during the last quarter. Rosenberg Matthew Hamilton lifted its position in Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after buying an additional 133 shares during the last quarter. Cultivar Capital Inc. acquired a new position in shares of Shopify in the 2nd quarter worth approximately $33,000. Hazlett Burt & Watson Inc. purchased a new position in shares of Shopify during the second quarter worth $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in Shopify during the 2nd quarter valued at about $39,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Robert W. Baird upped their price objective on Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a research report on Wednesday. Wells Fargo & Company raised their price objective on shares of Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday. JPMorgan Chase & Co. upped their target price on Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. Wedbush reissued a “neutral” rating and set a $115.00 price objective (up from $72.00) on shares of Shopify in a research report on Tuesday. Finally, The Goldman Sachs Group increased their price target on Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $94.95.

Shopify Stock Down 4.3 %

Shares of SHOP traded down $4.91 during mid-day trading on Thursday, reaching $110.18. The company’s stock had a trading volume of 4,894,068 shares, compared to its average volume of 9,318,743. The company has a market cap of $142.17 billion, a price-to-earnings ratio of 107.60, a price-to-earnings-growth ratio of 3.64 and a beta of 2.36. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $115.62. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The business has a fifty day moving average of $80.36 and a 200 day moving average of $70.50.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, November 12th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.09. Shopify had a net margin of 16.84% and a return on equity of 11.94%. The company had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.11 billion. As a group, analysts forecast that Shopify Inc. will post 0.76 earnings per share 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.