Keystone Investors PTE Ltd. Invests $2.05 Million in Shopify Inc. (NYSE:SHOP)

Keystone Investors PTE Ltd. purchased a new position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 19,270 shares of the software maker's stock, valued at approximately $2,049,000.

Several other hedge funds also recently added to or reduced their stakes in SHOP. FMR LLC increased its stake in Shopify by 16.1% in the third quarter. FMR LLC now owns 42,306,077 shares of the software maker's stock worth $3,389,637,000 after purchasing an additional 5,869,795 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake in Shopify by 30.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,095,382 shares of the software maker's stock worth $754,201,000 after buying an additional 1,647,374 shares during the period. National Bank of Canada FI boosted its position in Shopify by 28.0% in the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker's stock valued at $593,588,000 after buying an additional 1,621,981 shares during the period. Jennison Associates LLC bought a new position in Shopify in the 4th quarter worth about $132,323,000. Finally, Congress Asset Management Co. purchased a new position in shares of Shopify during the fourth quarter worth approximately $84,074,000. 69.27% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. The Goldman Sachs Group boosted their price target on Shopify from $135.00 to $150.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. UBS Group increased their price target on Shopify from $110.00 to $125.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 12th. Morgan Stanley lifted their price objective on Shopify from $126.00 to $144.00 and gave the company an "overweight" rating in a report on Wednesday, February 12th. JMP Securities reiterated a "market outperform" rating and set a $120.00 target price on shares of Shopify in a report on Thursday, December 12th. Finally, Evercore ISI upped their price target on shares of Shopify from $125.00 to $140.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $126.31.

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Shopify Stock Down 5.9 %

Shares of NYSE:SHOP traded down $6.01 during trading on Friday, hitting $96.51. The stock had a trading volume of 13,198,615 shares, compared to its average volume of 8,764,471. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The stock has a market capitalization of $124.96 billion, a price-to-earnings ratio of 62.27, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60. The stock has a 50-day simple moving average of $110.21 and a two-hundred day simple moving average of $100.78.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last posted its quarterly 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%. As a group, sell-side analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current year.

Shopify 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.