Sheets Smith Investment Management Buys Shares of 10,162 Shopify Inc. (NYSE:SHOP)

Sheets Smith Investment Management purchased a new stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 10,162 shares of the software maker's stock, valued at approximately $1,081,000.

Several other hedge funds have also modified their holdings of SHOP. FMR LLC lifted its position in 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 during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Shopify by 30.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,095,382 shares of the software maker's stock worth $754,201,000 after purchasing an additional 1,647,374 shares in the last quarter. National Bank of Canada FI lifted its holdings in shares of Shopify by 28.0% during 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 purchasing an additional 1,621,981 shares during the last quarter. Jennison Associates LLC acquired a new stake in shares of Shopify in the 4th quarter worth $132,323,000. Finally, Congress Asset Management Co. purchased a new position in Shopify during the 4th quarter worth $84,074,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Price Performance

SHOP stock traded down $2.24 during trading on Thursday, hitting $102.04. The stock had a trading volume of 4,543,863 shares, compared to its average volume of 8,544,507. The company's 50-day moving average price is $110.36 and its two-hundred day moving average price is $100.34. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The stock has a market capitalization of $132.12 billion, a P/E ratio of 65.83, a PEG ratio of 4.82 and a beta of 2.60.

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Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 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%. As a group, sell-side analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Loop Capital upgraded Shopify from a "hold" rating to a "buy" rating and increased their price target for the company from $110.00 to $140.00 in a research note on Friday, December 6th. Wedbush reissued an "outperform" rating and set a $125.00 target price on shares of Shopify in a research report on Tuesday, February 11th. The Goldman Sachs Group raised their price target on shares of Shopify from $135.00 to $150.00 and gave the stock a "buy" rating in a report on Wednesday, February 12th. Barclays boosted their price objective on shares of Shopify from $93.00 to $100.00 and gave the company an "equal weight" rating in a report on Wednesday, February 12th. Finally, Cantor Fitzgerald reissued a "neutral" rating and issued a $120.00 target price on shares of Shopify in a research report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Shopify has an average rating of "Moderate Buy" and an average price target of $126.31.

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.