Shopify Inc. (NYSE:SHOP) Shares Bought by Hillsdale Investment Management Inc.

Hillsdale Investment Management Inc. raised its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 610.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 602,134 shares of the software maker's stock after purchasing an additional 517,339 shares during the quarter. Shopify accounts for 3.2% of Hillsdale Investment Management Inc.'s investment portfolio, making the stock its 4th biggest holding. Hillsdale Investment Management Inc.'s holdings in Shopify were worth $64,015,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. PFG Private Wealth Management LLC lifted its position in Shopify by 3,657.1% in the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock valued at $28,000 after purchasing an additional 256 shares during the period. New Wave Wealth Advisors LLC acquired a new stake in shares of Shopify in the 4th quarter valued at approximately $39,000. Mather Group LLC. lifted its holdings in shares of Shopify by 84.8% in the 4th quarter. Mather Group LLC. now owns 401 shares of the software maker's stock valued at $43,000 after buying an additional 184 shares during the period. Brooklyn Investment Group acquired a new position in Shopify during the third quarter worth $33,000. Finally, Sierra Ocean LLC acquired a new position in Shopify during the fourth quarter worth $46,000. Institutional investors and hedge funds own 69.27% of the company's stock.

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Shopify Trading Up 0.4 %

NYSE SHOP traded up $0.43 on Tuesday, hitting $109.71. 3,228,082 shares of the stock traded hands, compared to its average volume of 8,591,313. The stock has a 50-day moving average of $110.19 and a 200 day moving average of $100.01. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The company has a market capitalization of $142.05 billion, a P/E ratio of 70.81, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60.

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 the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. As a group, equities research analysts expect that Shopify Inc. will post 1.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several research analyst reports. Citigroup boosted their target price on shares of Shopify from $143.00 to $175.00 and gave the stock a "buy" rating in a research report on Tuesday, February 11th. CIBC upped 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. Truist Financial lifted their price target on shares of Shopify from $110.00 to $120.00 and gave the company a "hold" rating in a research report on Wednesday, February 12th. The Goldman Sachs Group upped their price target on Shopify from $135.00 to $150.00 and gave the stock a "buy" rating in a report on Wednesday, February 12th. Finally, Evercore ISI lifted their price objective on Shopify from $125.00 to $140.00 and gave the stock an "outperform" rating in a report on Wednesday, February 12th. One investment 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 issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $126.31.

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.