Renaissance Technologies LLC Purchases Shares of 1,568,800 Shopify Inc. (NYSE:SHOP)

Renaissance Technologies LLC bought a new position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,568,800 shares of the software maker's stock, valued at approximately $166,811,000. Renaissance Technologies LLC owned approximately 0.12% of Shopify as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. FIL Ltd raised its holdings in shares of Shopify by 11.9% during the fourth quarter. FIL Ltd now owns 15,774,148 shares of the software maker's stock valued at $1,678,865,000 after acquiring an additional 1,682,326 shares during the last quarter. Canopy Partners LLC acquired a new position in Shopify in the 4th quarter valued at $219,000. Certior Financial Group LLC acquired a new position in Shopify in the 4th quarter valued at $200,000. Wellspring Financial Advisors LLC acquired a new stake in Shopify during the 4th quarter worth $201,000. Finally, Cerity Partners LLC boosted its stake in Shopify by 6.3% during the 4th quarter. Cerity Partners LLC now owns 91,447 shares of the software maker's stock worth $8,887,000 after purchasing an additional 5,454 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Scotiabank raised their price target on shares of Shopify from $115.00 to $120.00 and gave the stock a "sector perform" rating in a research note on Wednesday, February 12th. Oppenheimer raised their target price on shares of Shopify from $130.00 to $150.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 12th. ATB Capital upped their price target on Shopify from $145.00 to $170.00 and gave the company a "sector perform" rating in a research report on Wednesday, February 12th. Evercore ISI lifted their price objective on Shopify from $125.00 to $140.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 12th. Finally, Wells Fargo & Company boosted their price objective on Shopify from $120.00 to $135.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 12th. One 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. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $126.31.

Shopify Stock Down 1.1 %

Shopify stock traded down $0.92 during trading on Friday, reaching $83.71. The stock had a trading volume of 18,094,214 shares, compared to its average volume of 9,222,259. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The stock has a market cap of $108.39 billion, a PE ratio of 54.01, a P/E/G ratio of 4.82 and a beta of 2.82. The business has a 50 day moving average price of $104.13 and a 200 day moving average price of $101.62.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released 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%. On average, equities analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal 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.