Shopify Inc. (NYSE:SHOP) Position Increased by BluePointe Capital Management LLC

BluePointe Capital Management LLC lifted its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 5.3% during the fourth quarter, HoldingsChannel reports. 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 filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Jennison Associates LLC bought a new position in Shopify in the fourth quarter worth about $132,323,000. Watts Gwilliam & Co. LLC lifted its holdings in shares of Shopify by 53.0% in the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock worth $1,431,000 after purchasing an additional 4,641 shares during the last quarter. Teachers Retirement System of The State of Kentucky boosted its position in Shopify by 29.3% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock valued at $27,409,000 after purchasing an additional 77,500 shares during the period. Wahed Invest LLC grew its stake in Shopify by 18.4% during the 3rd quarter. Wahed Invest LLC now owns 57,624 shares of the software maker’s stock worth $4,618,000 after buying an additional 8,960 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new stake in Shopify in the third quarter worth $33,676,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SHOP has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Shopify from $125.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Wells Fargo & Company boosted their target price on shares of Shopify from $120.00 to $135.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Wedbush restated an “outperform” rating and issued a $125.00 price target on shares of Shopify in a research note on Tuesday, February 11th. New Street Research initiated coverage on Shopify in a research report on Friday, January 10th. They set a “neutral” rating and a $115.00 price objective for the company. Finally, Benchmark upgraded Shopify from a “hold” rating to a “buy” rating and set a $150.00 target price on the stock in a research report on Monday, February 10th. 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. Based on data from MarketBeat, Shopify has a consensus rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Price Performance

SHOP stock opened at $101.69 on Thursday. The firm has a market capitalization of $131.66 billion, a P/E ratio of 65.60, a P/E/G ratio of 4.82 and a beta of 2.60. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The company’s 50 day simple moving average is $110.15 and its 200-day simple moving average is $99.10.

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%. Sell-side analysts predict 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.