Miller Financial Services LLC Takes Position in Shopify Inc. (NYSE:SHOP)

Miller Financial Services LLC bought a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 6,244 shares of the software maker’s stock, valued at approximately $664,000.

Several other hedge funds and other institutional investors have also made changes to their positions in SHOP. Baillie Gifford & Co. lifted its position in shares of 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 acquiring an additional 8,131,160 shares in the last quarter. FMR LLC lifted its position in Shopify by 16.1% during the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after buying an additional 5,869,795 shares in the last quarter. National Bank of Canada FI lifted its position 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 worth $593,588,000 after buying an additional 1,621,981 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in Shopify by 52.5% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,848,143 shares of the software maker’s stock worth $308,390,000 after buying an additional 1,325,350 shares in the last quarter. Finally, Jennison Associates LLC purchased a new position in Shopify during the fourth quarter worth approximately $132,323,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Trading Down 7.6 %

Shares of SHOP stock opened at $92.49 on Tuesday. The business’s 50 day moving average is $111.97 and its two-hundred day moving average is $98.24. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The company has a market capitalization of $119.76 billion, a P/E ratio of 59.67, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share 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%. As a group, equities analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on SHOP shares. Scotiabank lifted their price objective on Shopify from $115.00 to $120.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 12th. JMP Securities reissued a “market outperform” rating and set a $120.00 target price on shares of Shopify in a research note on Thursday, December 12th. Wells Fargo & Company increased their price target on shares of Shopify from $120.00 to $135.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. The Goldman Sachs Group lifted their target price on Shopify from $135.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Finally, Royal Bank of Canada increased their price target on Shopify from $130.00 to $145.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. One equities 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 MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify 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.