Adage Capital Partners GP L.L.C. Buys Shares of 255,000 Shopify Inc. (NYSE:SHOP)

Adage Capital Partners GP L.L.C. purchased a new stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 255,000 shares of the software maker's stock, valued at approximately $27,114,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Syon Capital LLC boosted its position in shares of Shopify by 3.6% during the 4th quarter. Syon Capital LLC now owns 6,726 shares of the software maker's stock worth $715,000 after purchasing an additional 232 shares in the last quarter. MGO One Seven LLC raised its position in Shopify by 9.3% in the 4th quarter. MGO One Seven LLC now owns 18,008 shares of the software maker's stock valued at $1,915,000 after buying an additional 1,525 shares during the last quarter. IHT Wealth Management LLC grew its stake in shares of Shopify by 4.1% in the 4th quarter. IHT Wealth Management LLC now owns 8,816 shares of the software maker's stock worth $937,000 after acquiring an additional 344 shares in the last quarter. Stifel Financial Corp lifted its position in shares of Shopify by 2.0% during the fourth quarter. Stifel Financial Corp now owns 363,685 shares of the software maker's stock valued at $38,671,000 after purchasing an additional 6,964 shares in the last quarter. Finally, Select Asset Management & Trust bought a new stake in Shopify in the 4th quarter worth about $213,000. Institutional investors own 69.27% of the company's stock.

Shopify Stock Up 1.5 %

Shares of SHOP traded up $1.45 during trading hours on Monday, reaching $98.57. 5,888,196 shares of the company traded hands, compared to its average volume of 9,272,555. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The company's fifty day moving average price is $96.21 and its two-hundred day moving average price is $102.16. The company has a market capitalization of $127.63 billion, a price-to-earnings ratio of 63.59, a price-to-earnings-growth ratio of 4.82 and a beta of 2.82.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last posted its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share 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, analysts expect that Shopify Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

SHOP has been the subject of several recent analyst reports. UBS Group upped their target price on Shopify from $110.00 to $125.00 and gave the company a "neutral" rating in a report on Wednesday, February 12th. TD Securities increased their price target 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. New Street Research initiated coverage on shares of Shopify in a research note on Friday, January 10th. They issued a "neutral" rating and a $115.00 target price on the stock. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Shopify from $125.00 to $150.00 and gave the stock a "buy" rating in a report on Wednesday, February 12th. Finally, Wells Fargo & Company boosted their target price on Shopify from $120.00 to $135.00 and gave the company an "overweight" rating in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $118.83.

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.