HBK Sorce Advisory LLC Boosts Position in Shopify Inc. (NYSE:SHOP)

HBK Sorce Advisory LLC lifted its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 11.3% in the 4th quarter, Holdings Channel.com reports. The fund owned 5,979 shares of the software maker’s stock after buying an additional 609 shares during the quarter. HBK Sorce Advisory LLC’s holdings in Shopify were worth $636,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Jennison Associates LLC acquired a new stake in Shopify in the 4th quarter valued at $132,323,000. Swiss National Bank boosted its position in shares of Shopify by 0.9% in the third quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock worth $293,507,000 after buying an additional 33,300 shares during the period. Watts Gwilliam & Co. LLC grew its stake in shares of Shopify by 53.0% in the fourth quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock valued at $1,431,000 after buying an additional 4,641 shares in the last quarter. Teachers Retirement System of The State of Kentucky raised its holdings in shares of Shopify by 29.3% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock valued at $27,409,000 after buying an additional 77,500 shares during the period. Finally, Oppenheimer & Co. Inc. lifted its position in Shopify by 26.4% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock worth $2,693,000 after acquiring an additional 7,027 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SHOP. Scotiabank lifted their price objective on shares of Shopify from $115.00 to $120.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 12th. Evercore ISI boosted their price target on Shopify from $125.00 to $140.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. Canaccord Genuity Group raised their price objective on Shopify from $125.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. ATB Capital upped their target price on Shopify from $145.00 to $170.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 12th. Finally, DZ Bank downgraded shares of Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Price Performance

NYSE SHOP opened at $94.88 on Friday. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The firm has a market capitalization of $122.86 billion, a PE ratio of 61.22, a P/E/G ratio of 4.82 and a beta of 2.60. The company’s 50 day simple moving average is $110.88 and its 200 day simple moving average is $98.43.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. Sell-side analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

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.