William Blair Investment Management LLC Buys 347,230 Shares of Shopify Inc. (NYSE:SHOP)

William Blair Investment Management LLC raised its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 19.3% in the fourth quarter, Holdings Channel.com reports. The firm owned 2,150,751 shares of the software maker’s stock after acquiring an additional 347,230 shares during the period. William Blair Investment Management LLC’s holdings in Shopify were worth $228,689,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the stock. Jennison Associates LLC bought a new stake in Shopify during the fourth quarter worth about $132,323,000. Swiss National Bank grew its stake in Shopify by 0.9% during the third quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock worth $293,507,000 after buying an additional 33,300 shares during the last quarter. Watts Gwilliam & Co. LLC grew its stake in Shopify by 53.0% during the fourth quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock worth $1,431,000 after buying an additional 4,641 shares during the last quarter. Teachers Retirement System of The State of Kentucky grew its stake in shares of Shopify by 29.3% during the third 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 last quarter. Finally, Oppenheimer & Co. Inc. grew its stake in shares of Shopify by 26.4% during the third quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock valued at $2,693,000 after purchasing an additional 7,027 shares during the last quarter. 69.27% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SHOP has been the topic of several analyst reports. JMP Securities restated a “market outperform” rating and issued a $120.00 price objective on shares of Shopify in a report on Thursday, December 12th. TD Securities raised their target price on shares of Shopify from $100.00 to $130.00 and gave the company a “hold” rating in a research report on Wednesday, February 12th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Shopify from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Morgan Stanley lifted their price objective on shares of Shopify from $126.00 to $144.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Finally, CIBC lifted their price objective on shares of Shopify from $135.00 to $160.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Price Performance

NYSE SHOP opened at $94.88 on Monday. The firm’s fifty day moving average price is $110.88 and its 200 day moving average price is $98.78. The company has a market capitalization of $122.86 billion, a price-to-earnings ratio of 61.22, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38.

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

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.