6,698 Shopify Inc. $SHOP Shares Purchased by Ethic Inc.

Ethic Inc. raised its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 35.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,702 shares of the software maker’s stock after acquiring an additional 6,698 shares during the quarter. Ethic Inc.’s holdings in Shopify were worth $3,812,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the stock. The Manufacturers Life Insurance Company lifted its position in Shopify by 8.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 8,418,903 shares of the software maker’s stock worth $998,137,000 after buying an additional 660,198 shares in the last quarter. Swiss National Bank raised its holdings in shares of Shopify by 27.0% during the first quarter. Swiss National Bank now owns 4,115,300 shares of the software maker’s stock worth $487,580,000 after acquiring an additional 876,100 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Shopify by 4.8% during the first quarter. Bank of New York Mellon Corp now owns 3,495,964 shares of the software maker’s stock worth $414,691,000 after acquiring an additional 159,873 shares in the last quarter. Amova Asset Management Americas Inc. boosted its position in Shopify by 5.0% during the first quarter. Amova Asset Management Americas Inc. now owns 3,458,265 shares of the software maker’s stock valued at $410,219,000 after purchasing an additional 165,080 shares during the last quarter. Finally, Amundi boosted its position in Shopify by 2.7% during the first quarter. Amundi now owns 3,200,943 shares of the software maker’s stock valued at $379,696,000 after purchasing an additional 84,971 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SHOP. Oppenheimer reissued an “outperform” rating and issued a $205.00 price target (up from $175.00) on shares of Shopify in a research note on Friday, October 23rd. Cantor Fitzgerald reduced their target price on shares of Shopify from $158.00 to $150.00 and set a “neutral” rating for the company in a research note on Wednesday, November 4th. Benchmark boosted their target price on shares of Shopify from $145.00 to $170.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. National Bank Financial increased their price target on shares of Shopify from $180.00 to $185.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 4th. Finally, Rothschild & Co Redburn set a $130.00 price target on shares of Shopify and gave the stock a “neutral” rating in a research note on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, thirty-eight have assigned a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $178.82.

Shopify Stock Down 3.6%

Shares of SHOP stock opened at $146.61 on Wednesday. Shopify Inc. has a 12 month low of $94.00 and a 12 month high of $180.88. The business’s 50 day moving average is $152.48 and its two-hundred day moving average is $130.18. The company has a market cap of $188.63 billion, a PE ratio of 89.40, a price-to-earnings-growth ratio of 3.63 and a beta of 2.65.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Tuesday, November 3rd. The software maker reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.16. The business had revenue of $3.74 billion during the quarter. Shopify had a net margin of 15.01% and a return on equity of 14.03%. Shopify’s quarterly revenue was up 31.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.34 earnings per share. As a group, equities analysts expect that Shopify Inc. will post 1.47 EPS for the current fiscal year.

Shopify Company Profile

Shopify is a commerce technology company that provides tools for businesses to create and operate online stores. Its platform supports activities such as product management, order processing, payments, shipping, marketing and customer engagement. Shopify also offers point-of-sale tools for merchants selling in person, connecting retail operations with online sales. Its services are used by businesses of varying sizes and are available to merchants in countries around the world. Founded in 2006, Shopify is headquartered in Ottawa, Canada.