Skandinaviska Enskilda Banken AB publ Has $17.23 Million Stock Holdings in Shopify Inc. (NYSE:SHOP)

Skandinaviska Enskilda Banken AB publ trimmed its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 0.3% during the fourth quarter, HoldingsChannel.com reports. The fund owned 161,582 shares of the software maker’s stock after selling 493 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Shopify were worth $17,234,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Erste Asset Management GmbH acquired a new stake in shares of Shopify in the 4th quarter valued at approximately $5,963,000. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Shopify by 30.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,095,382 shares of the software maker’s stock valued at $754,201,000 after acquiring an additional 1,647,374 shares during the period. Avantax Advisory Services Inc. raised its position in shares of Shopify by 2.0% in the 4th quarter. Avantax Advisory Services Inc. now owns 42,526 shares of the software maker’s stock valued at $4,522,000 after acquiring an additional 842 shares during the period. Parkworth Wealth Management Inc. acquired a new stake in shares of Shopify in the 4th quarter valued at approximately $762,000. Finally, Sequoia Financial Advisors LLC raised its position in shares of Shopify by 1.4% in the 4th quarter. Sequoia Financial Advisors LLC now owns 18,454 shares of the software maker’s stock valued at $1,962,000 after acquiring an additional 247 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on SHOP. Moffett Nathanson increased their target price on Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Cantor Fitzgerald reissued a “neutral” rating and set a $120.00 target price on shares of Shopify in a research note on Wednesday, February 12th. DA Davidson increased their target price on Shopify from $130.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Evercore ISI increased their target price on Shopify from $125.00 to $140.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. Finally, The Goldman Sachs Group increased their target price on Shopify from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Stock Performance

SHOP opened at $90.51 on Friday. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The stock has a fifty day moving average of $111.17 and a 200-day moving average of $98.29. The company has a market capitalization of $117.19 billion, a P/E ratio of 58.39, a P/E/G ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last released 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%. On average, equities research analysts predict that Shopify Inc. will post 1.12 earnings per share 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.