IQ EQ FUND MANAGEMENT IRELAND Ltd Raises Stock Holdings in Shopify Inc. (NYSE:SHOP)

IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 137.8% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 24,205 shares of the software maker's stock after buying an additional 14,027 shares during the quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd's holdings in Shopify were worth $2,574,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. PFG Private Wealth Management LLC raised its holdings in shares of Shopify by 3,657.1% during 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 last quarter. Mark Sheptoff Financial Planning LLC grew its position in Shopify by 50.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock worth $32,000 after purchasing an additional 100 shares during the period. Brooklyn Investment Group purchased a new stake in Shopify during the 3rd quarter valued at $33,000. New Wave Wealth Advisors LLC bought a new position in shares of Shopify during the 4th quarter valued at $39,000. Finally, Mather Group LLC. boosted its stake in shares of Shopify by 84.8% in the 4th quarter. Mather Group LLC. now owns 401 shares of the software maker's stock worth $43,000 after buying an additional 184 shares during the last quarter. Institutional investors own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on SHOP shares. Robert W. Baird upped their price objective on Shopify from $126.00 to $135.00 and gave the company an "outperform" rating in a research report on Wednesday, February 12th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Shopify from $125.00 to $150.00 and gave the company a "buy" rating in a research report on Wednesday, February 12th. The Goldman Sachs Group raised their price objective on shares of Shopify from $135.00 to $150.00 and gave the stock a "buy" rating in a report on Wednesday, February 12th. Royal Bank of Canada set a $145.00 target price on shares of Shopify and gave the company an "outperform" rating in a report on Friday, March 21st. Finally, Truist Financial lifted their price target on shares of Shopify from $110.00 to $120.00 and gave the stock a "hold" rating in a research note on Wednesday, February 12th. One equities 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 given a strong buy rating to the company. Based on data from MarketBeat.com, Shopify has an average rating of "Moderate Buy" and an average price target of $126.31.

Remove Ads

Shopify Price Performance

Shares of Shopify stock traded down $6.01 during trading hours on Friday, reaching $96.51. The company's stock had a trading volume of 13,198,615 shares, compared to its average volume of 8,764,471. The firm has a 50 day moving average price of $110.21 and a 200-day moving average price of $100.78. The stock has a market cap of $124.96 billion, a P/E ratio of 62.27, a P/E/G ratio of 4.82 and a beta of 2.60. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share 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 forecast that Shopify Inc. will post 1.12 EPS for the current fiscal 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.