Shopify Inc. (NYSE:SHOP) Shares Purchased by World Equity Group Inc.

World Equity Group Inc. boosted its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 106.7% during the fourth quarter, HoldingsChannel reports. The fund owned 9,062 shares of the software maker’s stock after buying an additional 4,678 shares during the period. World Equity Group Inc.’s holdings in Shopify were worth $964,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Baillie Gifford & Co. raised its position in Shopify by 14.7% in the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after purchasing an additional 8,131,160 shares during the period. FMR LLC raised its position in Shopify by 16.1% in the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after purchasing an additional 5,869,795 shares during the period. The Manufacturers Life Insurance Company raised its position in Shopify by 6.3% in the third quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock valued at $658,248,000 after purchasing an additional 484,561 shares during the period. National Bank of Canada FI raised its position in Shopify by 28.0% in the third quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock valued at $593,588,000 after purchasing an additional 1,621,981 shares during the period. Finally, Geode Capital Management LLC raised its position in Shopify by 9.6% in the third quarter. Geode Capital Management LLC now owns 5,387,806 shares of the software maker’s stock valued at $432,573,000 after purchasing an additional 471,280 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of SHOP opened at $115.40 on Friday. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The company has a market capitalization of $149.42 billion, a price-to-earnings ratio of 74.45, a price-to-earnings-growth ratio of 4.82 and a beta of 2.47. The firm has a 50-day simple moving average of $112.85 and a 200-day simple moving average of $95.38.

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%. Equities research analysts forecast that Shopify Inc. will post 1.12 EPS for the current year.

Wall Street Analyst Weigh In

SHOP has been the topic of a number of research analyst reports. Royal Bank of Canada boosted their target price on Shopify from $130.00 to $145.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. The Goldman Sachs Group upped their price objective on Shopify from $135.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. ATB Capital upped their price objective on Shopify from $145.00 to $170.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 12th. Evercore ISI upped their price objective on Shopify from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Finally, New Street Research began coverage on Shopify in a research report on Friday, January 10th. They set a “neutral” rating and a $115.00 price objective on the stock. 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 given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $126.31.

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.