Harvest Fund Management Co. Ltd Makes New Investment in Shopify Inc. (NYSE:SHOP)

Harvest Fund Management Co. Ltd acquired a new position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 9,525 shares of the software maker's stock, valued at approximately $1,013,000.

Other institutional investors also recently modified their holdings of the company. Empowered Funds LLC lifted its stake in Shopify by 5.7% in the third quarter. Empowered Funds LLC now owns 22,446 shares of the software maker's stock valued at $1,799,000 after purchasing an additional 1,211 shares during the last quarter. Thrivent Financial for Lutherans increased its holdings in Shopify by 100.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 88,409 shares of the software maker's stock worth $7,086,000 after acquiring an additional 44,345 shares during the last quarter. Pathstone Holdings LLC raised its stake in Shopify by 3.8% in the 3rd quarter. Pathstone Holdings LLC now owns 68,800 shares of the software maker's stock valued at $5,514,000 after acquiring an additional 2,487 shares during the period. Prospera Financial Services Inc lifted its holdings in Shopify by 1.7% during the third quarter. Prospera Financial Services Inc now owns 20,991 shares of the software maker's stock valued at $1,682,000 after purchasing an additional 349 shares during the last quarter. Finally, Prospera Private Wealth LLC bought a new position in Shopify during the third quarter worth about $98,000. 69.27% of the stock is owned by institutional investors.

Shopify Stock Performance

Shares of NYSE SHOP traded up $2.44 during trading hours on Friday, hitting $104.29. The company's stock had a trading volume of 8,690,629 shares, compared to its average volume of 8,602,471. The stock has a market cap of $135.04 billion, a price-to-earnings ratio of 67.29, a P/E/G ratio of 4.82 and a beta of 2.60. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The business has a 50-day simple moving average of $110.04 and a 200-day simple moving average of $99.53.

Remove Ads

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 (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%. On average, equities research analysts forecast that Shopify Inc. will post 1.12 EPS for the current year.

Wall Street Analyst Weigh In

SHOP has been the topic of a number of recent research reports. Piper Sandler upped their price target on shares of Shopify from $94.00 to $104.00 and gave the company a "neutral" rating in a research note 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 report on Wednesday, February 12th. Barclays boosted their price objective on Shopify from $93.00 to $100.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 12th. New Street Research started coverage on Shopify in a report on Friday, January 10th. They set a "neutral" rating and a $115.00 target price for the company. Finally, 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. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $126.31.

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.