PFG Private Wealth Management LLC Boosts Stake in Shopify Inc. (NYSE:SHOP)

PFG Private Wealth Management LLC boosted its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3,657.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 263 shares of the software maker’s stock after acquiring an additional 256 shares during the quarter. PFG Private Wealth Management LLC’s holdings in Shopify were worth $28,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Baillie Gifford & Co. increased its position in Shopify by 14.7% during 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 acquiring an additional 8,131,160 shares during the last quarter. FMR LLC grew its holdings in Shopify by 16.1% during 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 grew its holdings in Shopify by 6.3% during 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 grew its holdings in Shopify by 28.0% during 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 grew its holdings in Shopify by 9.6% during 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.

Analyst Upgrades and Downgrades

SHOP has been the subject of several recent research reports. DA Davidson boosted their price target on Shopify from $130.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. DZ Bank lowered Shopify from a “hold” rating to a “sell” rating in a report on Thursday, November 21st. Citigroup upped their price objective on Shopify from $143.00 to $175.00 and gave the stock a “buy” rating in a research note on Tuesday, February 11th. Atb Cap Markets lowered Shopify from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 12th. Finally, KeyCorp increased their price target on Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. 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. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Stock Up 4.6 %

SHOP opened at $106.40 on Thursday. The stock’s fifty day moving average is $112.57 and its two-hundred day moving average is $97.59. The company has a market capitalization of $137.77 billion, a P/E ratio of 68.65, a PEG ratio of 4.82 and a beta of 2.47. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 EPS 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%. Equities analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current 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.