Blueshift Asset Management LLC Buys 3,918 Shares of Shopify Inc. (NYSE:SHOP)

Blueshift Asset Management LLC increased its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 71.7% during the fourth quarter, Holdings Channel.com reports. The firm 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 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the stock. FMR LLC raised its holdings in 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 during the period. The Manufacturers Life Insurance Company raised its holdings in 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 acquiring an additional 484,561 shares during the period. National Bank of Canada FI raised its holdings 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 valued at $593,588,000 after acquiring an additional 1,621,981 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Shopify by 30.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,095,382 shares of the software maker’s stock valued at $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% during the third 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 period. 69.27% of the stock is owned by institutional investors.

Shopify Price Performance

Shares of NYSE:SHOP opened at $101.69 on Thursday. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The business has a 50 day simple moving average of $110.15 and a two-hundred day simple moving average of $99.10. The firm has a market capitalization 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.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. Equities research analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SHOP has been the topic of a number of recent analyst reports. Wells Fargo & Company raised their price target on Shopify from $120.00 to $135.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Citigroup raised their price target on Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, February 11th. Deutsche Bank Aktiengesellschaft raised their price target on Shopify from $125.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Barclays raised their price target on Shopify from $93.00 to $100.00 and gave the company an “equal weight” rating in a report on Wednesday, February 12th. Finally, CIBC lifted their target price on Shopify from $135.00 to $160.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average 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.