PUREfi Wealth LLC Buys New Position in Shopify Inc. (NYSE:SHOP)

PUREfi Wealth LLC acquired a new position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 5,674 shares of the software maker's stock, valued at approximately $603,000.

A number of other institutional investors and hedge funds have also made changes to their positions in SHOP. Baillie Gifford & Co. boosted its holdings in Shopify by 14.7% in the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker's stock worth $5,078,176,000 after acquiring an additional 8,131,160 shares in the last quarter. FMR LLC increased its position in shares of Shopify by 16.1% during the third quarter. FMR LLC now owns 42,306,077 shares of the software maker's stock valued at $3,389,637,000 after acquiring an additional 5,869,795 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Shopify by 6.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker's stock worth $658,248,000 after acquiring an additional 484,561 shares during the last quarter. National Bank of Canada FI lifted 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 acquiring an additional 1,621,981 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Shopify by 9.6% during the 3rd quarter. Geode Capital Management LLC now owns 5,387,806 shares of the software maker's stock valued at $432,573,000 after purchasing an additional 471,280 shares during the last quarter. Institutional investors own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

SHOP has been the topic of a number of research analyst reports. UBS Group upped their price target on Shopify from $110.00 to $125.00 and gave the company a "neutral" rating in a report on Wednesday, February 12th. Canaccord Genuity Group raised their price target on shares of Shopify from $125.00 to $140.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. Scotiabank boosted their price objective on shares of Shopify from $115.00 to $120.00 and gave the company a "sector perform" rating in a report on Wednesday, February 12th. Citigroup increased their price objective on shares of Shopify from $143.00 to $175.00 and gave the company a "buy" rating in a research report on Tuesday, February 11th. Finally, CIBC lifted their target price on shares of Shopify from $135.00 to $160.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Shopify currently has a consensus rating of "Moderate Buy" and an average price target of $126.31.

Shopify Trading Down 1.3 %

Shares of SHOP stock traded down $1.71 during trading hours on Wednesday, reaching $127.60. 7,762,228 shares of the stock were exchanged, compared to its average volume of 8,000,185. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The firm has a market capitalization of $164.87 billion, a price-to-earnings ratio of 82.32, a price-to-earnings-growth ratio of 5.06 and a beta of 2.47. The company's 50-day moving average price is $112.48 and its 200-day moving average price is $94.23.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 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%. On average, sell-side analysts expect that Shopify Inc. will post 1.11 EPS for the current year.

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.