Cerity Partners LLC Boosts Stock Holdings in Shopify Inc. (NYSE:SHOP)

Cerity Partners LLC increased its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 6.3% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 91,447 shares of the software maker's stock after purchasing an additional 5,454 shares during the quarter. Cerity Partners LLC's holdings in Shopify were worth $8,887,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in SHOP. FMR LLC grew its position in Shopify by 3.4% in the fourth quarter. FMR LLC now owns 43,732,077 shares of the software maker's stock worth $4,653,054,000 after acquiring an additional 1,426,000 shares during the period. MIG Capital LLC purchased a new stake in Shopify in the 4th quarter valued at about $333,000. Atika Capital Management LLC purchased a new position in Shopify during the fourth quarter worth about $6,486,000. Russell Investments Group Ltd. increased its position in shares of Shopify by 1.9% during the fourth quarter. Russell Investments Group Ltd. now owns 1,438,704 shares of the software maker's stock valued at $153,027,000 after acquiring an additional 26,240 shares during the last quarter. Finally, Ted Buchan & Co purchased a new stake in shares of Shopify in the 4th quarter valued at approximately $1,311,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SHOP. Oppenheimer increased their price objective on shares of Shopify from $130.00 to $150.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 12th. Robert W. Baird raised their price target on Shopify from $126.00 to $135.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 12th. Jefferies Financial Group increased their target price on Shopify from $110.00 to $130.00 and gave the stock a "hold" rating in a research note on Tuesday, February 18th. Truist Financial boosted their price target on shares of Shopify from $110.00 to $120.00 and gave the stock a "hold" rating in a research note on Wednesday, February 12th. Finally, Piper Sandler upped their target price on shares of Shopify from $94.00 to $104.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 12th. One equities research 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. Based on data from MarketBeat.com, Shopify currently has an average rating of "Moderate Buy" and an average price target of $124.74.

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Shopify Stock Performance

SHOP traded down $0.94 on Monday, hitting $82.77. 10,454,840 shares of the company were exchanged, compared to its average volume of 9,227,181. The business's fifty day moving average is $104.13 and its 200 day moving average is $101.62. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The firm has a market capitalization of $107.17 billion, a P/E ratio of 53.40, a price-to-earnings-growth ratio of 4.82 and a beta of 2.82.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued 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%. Analysts forecast that Shopify Inc. will post 1.12 EPS 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.