Advisory Services Network LLC Increases Stake in Shopify Inc. (NYSE:SHOP)

Advisory Services Network LLC raised its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 7.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 84,086 shares of the software maker's stock after purchasing an additional 5,854 shares during the period. Advisory Services Network LLC's holdings in Shopify were worth $8,941,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in SHOP. Jennison Associates LLC bought a new stake in Shopify during the 4th quarter valued at about $132,323,000. Watts Gwilliam & Co. LLC increased its holdings in Shopify by 53.0% in the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker's stock worth $1,431,000 after buying an additional 4,641 shares in the last quarter. Teachers Retirement System of The State of Kentucky raised its position in Shopify by 29.3% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker's stock worth $27,409,000 after buying an additional 77,500 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in Shopify during the 3rd quarter valued at about $33,676,000. Finally, Synovus Financial Corp purchased a new stake in shares of Shopify during the 3rd quarter valued at about $481,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Price Performance

Shares of SHOP traded down $0.46 during midday trading on Monday, hitting $83.25. The stock had a trading volume of 4,568,120 shares, compared to its average volume of 10,159,451. The stock's 50 day moving average is $104.13 and its 200 day moving average is $101.62. The firm has a market cap of $107.79 billion, a PE ratio of 53.71, a price-to-earnings-growth ratio of 4.82 and a beta of 2.82. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38.

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Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 fiscal year.

Wall Street Analysts Forecast Growth

SHOP has been the topic of a number of research analyst reports. Wells Fargo & Company increased their price objective on shares of Shopify from $120.00 to $135.00 and gave the company an "overweight" rating in a research report on Wednesday, February 12th. New Street Research began coverage on Shopify in a research note on Friday, January 10th. They issued a "neutral" rating and a $115.00 price target on the stock. Benchmark raised Shopify from a "hold" rating to a "buy" rating and set a $150.00 price objective for the company in a report on Monday, February 10th. Morgan Stanley increased their target price on Shopify from $126.00 to $144.00 and gave the company an "overweight" rating in a report on Wednesday, February 12th. Finally, Jefferies Financial Group upped their price target on shares of Shopify from $110.00 to $130.00 and gave the company a "hold" rating in a research report on Tuesday, February 18th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $125.74.

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.