Potomac Fund Management Inc. ADV bought a new stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 2,679 shares of the software maker's stock, valued at approximately $285,000.
A number of other large investors have also recently made changes to their positions in SHOP. Jennison Associates LLC acquired a new position in Shopify in the fourth quarter valued at $132,323,000. Watts Gwilliam & Co. LLC increased its position in Shopify by 53.0% in the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker's stock valued at $1,431,000 after acquiring an additional 4,641 shares during the period. Teachers Retirement System of The State of Kentucky raised its stake 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 acquiring an additional 77,500 shares during the last quarter. Wahed Invest LLC lifted its position 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 acquiring an additional 8,960 shares during the period. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Shopify in the 3rd quarter valued at approximately $33,676,000. 69.27% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several equities research analysts recently weighed in on SHOP shares. Wedbush reaffirmed an "outperform" rating and set a $125.00 price target on shares of Shopify in a report on Tuesday, February 11th. CIBC lifted their target price on shares of Shopify from $135.00 to $160.00 and gave the company an "outperform" rating in a report on Wednesday, February 12th. TD Securities boosted their price target on shares of Shopify from $100.00 to $130.00 and gave the stock a "hold" rating in a research note on Wednesday, February 12th. Deutsche Bank Aktiengesellschaft raised 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. Finally, Wells Fargo & Company boosted their target price on Shopify from $120.00 to $135.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Shopify has a consensus rating of "Moderate Buy" and an average price target of $126.31.
Read Our Latest Stock Report on SHOP
Shopify Stock Performance
SHOP traded up $3.01 on Wednesday, reaching $100.65. 7,856,663 shares of the company's stock were exchanged, compared to its average volume of 8,812,093. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The company's 50 day moving average is $109.77 and its 200-day moving average is $101.33. The company has a market cap of $130.32 billion, a price-to-earnings ratio of 64.94, a PEG ratio of 4.82 and a beta of 2.81.
Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released its quarterly earnings data 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 return on equity of 12.00% and a net margin of 22.74%. Sell-side analysts forecast that Shopify Inc. will post 1.12 EPS for the current year.
About Shopify
(
Free Report)
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.
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