790,693 Shares in Shopify Inc. (NYSE:SHOP) Purchased by Congress Asset Management Co.

Congress Asset Management Co. purchased a new position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 790,693 shares of the software maker's stock, valued at approximately $84,074,000. Congress Asset Management Co. owned approximately 0.06% of Shopify at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the stock. Howland Capital Management LLC grew its position in shares of Shopify by 2.0% during the fourth quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker's stock worth $526,000 after buying an additional 99 shares in the last quarter. Trust Co. of Vermont grew its position in shares of Shopify by 9.9% during the fourth quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker's stock worth $118,000 after buying an additional 100 shares in the last quarter. First United Bank & Trust grew its position in shares of Shopify by 2.2% during the fourth quarter. First United Bank & Trust now owns 4,590 shares of the software maker's stock worth $488,000 after buying an additional 100 shares in the last quarter. Sunbelt Securities Inc. grew its position in shares of Shopify by 0.7% during the third quarter. Sunbelt Securities Inc. now owns 14,504 shares of the software maker's stock worth $1,162,000 after buying an additional 105 shares in the last quarter. Finally, Redhawk Wealth Advisors Inc. grew its position in shares of Shopify by 3.3% during the fourth quarter. Redhawk Wealth Advisors Inc. now owns 3,358 shares of the software maker's stock worth $357,000 after buying an additional 107 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on SHOP shares. Oppenheimer raised their price objective on Shopify from $130.00 to $150.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 12th. Jefferies Financial Group raised their price objective on Shopify from $110.00 to $130.00 and gave the stock a "hold" rating in a research note on Tuesday. Atb Cap Markets cut Shopify from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, November 12th. Moffett Nathanson raised their price objective on Shopify from $86.00 to $99.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 26th. Finally, Scotiabank raised their price objective on Shopify from $115.00 to $120.00 and gave the stock a "sector perform" rating in a research note on Wednesday, February 12th. One investment 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 given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $126.31.

Shopify Trading Down 1.3 %

NYSE:SHOP traded down $1.71 during mid-day trading on Wednesday, reaching $127.60. 7,759,051 shares of the stock were exchanged, compared to its average volume of 7,999,049. The business has a fifty day moving average price of $112.48 and a 200 day moving average price of $94.23. The firm has a market capitalization of $164.87 billion, a PE ratio of 82.32, a PEG ratio of 5.06 and a beta of 2.47. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. On average, sell-side analysts forecast that Shopify Inc. will post 1.11 earnings per share for the current 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.