Olympiad Research LP Invests $321,000 in Shopify Inc. (NYSE:SHOP)

Olympiad Research LP bought a new position in shares of Shopify Inc. (NYSE:SHOP) (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 3,018 shares of the software maker’s stock, valued at approximately $321,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Baillie Gifford & Co. grew its stake in Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after acquiring an additional 8,131,160 shares in the last quarter. FMR LLC grew its stake in Shopify by 16.1% during the 3rd 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 in the last quarter. The Manufacturers Life Insurance Company grew its stake in Shopify by 6.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock valued at $658,248,000 after acquiring an additional 484,561 shares in the last quarter. National Bank of Canada FI grew its stake in 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 acquiring an additional 1,621,981 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in Shopify by 9.6% during the 3rd quarter. Geode Capital Management LLC now owns 5,387,806 shares of the software maker’s stock valued at $432,573,000 after acquiring an additional 471,280 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Trading Down 6.5 %

Shares of NYSE:SHOP opened at $115.40 on Friday. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38. The company’s 50 day moving average is $112.85 and its two-hundred day moving average is $95.38. The company has a market cap of $149.42 billion, a PE ratio of 74.45, a P/E/G ratio of 4.82 and a beta of 2.47.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 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 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Wells Fargo & Company upped their price objective on shares of Shopify from $120.00 to $135.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. The Goldman Sachs Group boosted their target price on shares of Shopify from $135.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Canaccord Genuity Group boosted their target price on shares of Shopify from $125.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Moffett Nathanson boosted their target price on shares of Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Finally, Piper Sandler boosted their target price on shares of Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a report 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 given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $126.31.

Shopify Company 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.