Frank Rimerman Advisors LLC Invests $259,000 in Shopify Inc. (NYSE:SHOP)

Frank Rimerman Advisors LLC purchased a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 2,435 shares of the software maker’s stock, valued at approximately $259,000.

A number of other large investors have also recently made changes to their positions in SHOP. FMR LLC raised its position in shares of Shopify by 16.1% in 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. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Shopify by 30.2% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,095,382 shares of the software maker’s stock worth $754,201,000 after buying an additional 1,647,374 shares in the last quarter. National Bank of Canada FI raised its position in shares of 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 worth $593,588,000 after buying an additional 1,621,981 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Shopify by 52.5% in 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 stake in shares of Shopify in the fourth quarter worth $132,323,000. 69.27% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SHOP. Jefferies Financial Group increased their price objective on Shopify from $110.00 to $130.00 and gave the stock a “hold” rating in a research report on Tuesday, February 18th. TD Securities increased their price objective on Shopify from $100.00 to $130.00 and gave the stock a “hold” rating in a research report on Wednesday, February 12th. JPMorgan Chase & Co. raised their price target on Shopify from $121.00 to $124.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Evercore ISI raised their price target on Shopify from $125.00 to $140.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. Finally, Moffett Nathanson raised their price target on Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Stock Performance

SHOP stock opened at $96.78 on Tuesday. The firm has a 50 day moving average price of $110.53 and a 200-day moving average price of $98.94. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The firm has a market capitalization of $125.31 billion, a price-to-earnings ratio of 62.44, a PEG ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) 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%. As a group, sell-side analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal 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.