Atika Capital Management LLC Buys Shares of 61,000 Shopify Inc. (NYSE:SHOP)

Atika Capital Management LLC bought a new position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor bought 61,000 shares of the software maker's stock, valued at approximately $6,486,000.

A number of other hedge funds also recently added to or reduced their stakes in SHOP. Integrated Wealth Concepts LLC raised its stake in shares of Shopify by 2.1% in the third quarter. Integrated Wealth Concepts LLC now owns 32,078 shares of the software maker's stock valued at $2,571,000 after acquiring an additional 655 shares in the last quarter. IHT Wealth Management LLC raised its position in Shopify by 13.6% in the 3rd quarter. IHT Wealth Management LLC now owns 8,472 shares of the software maker's stock valued at $678,000 after purchasing an additional 1,011 shares in the last quarter. Royal London Asset Management Ltd. boosted its stake in shares of Shopify by 1.6% in the 3rd quarter. Royal London Asset Management Ltd. now owns 329,882 shares of the software maker's stock valued at $26,437,000 after buying an additional 5,108 shares during the period. Quantinno Capital Management LP grew its position in shares of Shopify by 47.0% during the third quarter. Quantinno Capital Management LP now owns 38,951 shares of the software maker's stock worth $3,122,000 after buying an additional 12,455 shares in the last quarter. Finally, EP Wealth Advisors LLC increased its stake in shares of Shopify by 26.3% during the third quarter. EP Wealth Advisors LLC now owns 12,496 shares of the software maker's stock worth $1,001,000 after buying an additional 2,602 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Royal Bank of Canada set a $145.00 price target on shares of Shopify and gave the stock an "outperform" rating in a report on Friday, March 21st. JMP Securities reissued a "market outperform" rating and issued a $120.00 target price on shares of Shopify in a report on Thursday, December 12th. Scotiabank lifted their price target on Shopify from $115.00 to $120.00 and gave the stock a "sector perform" rating in a report on Wednesday, February 12th. Oppenheimer increased their price objective on Shopify from $130.00 to $150.00 and gave the company an "outperform" 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 stock an "overweight" rating in a research note on Wednesday, February 12th. One equities 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 company's stock. According to data from MarketBeat, Shopify currently has an average rating of "Moderate Buy" and a consensus target price of $126.31.

Shopify Stock Performance

NYSE SHOP traded down $2.06 during trading hours on Friday, reaching $82.58. The company's stock had a trading volume of 11,093,676 shares, compared to its average volume of 9,213,624. The company's 50-day moving average is $104.84 and its two-hundred day moving average is $101.45. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The stock has a market cap of $106.92 billion, a PE ratio of 53.48, a PEG ratio of 4.82 and a beta of 2.82.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released its quarterly 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 net margin of 22.74% and a return on equity of 12.00%. Equities analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Shopify Company 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.