Harvest Fund Management Co. Ltd Buys Shares of 9,525 Shopify Inc. (NYSE:SHOP)

Harvest Fund Management Co. Ltd purchased a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 9,525 shares of the software maker’s stock, valued at approximately $1,013,000.

A number of other hedge funds have also made changes to their positions in SHOP. Empowered Funds LLC raised its position in shares of Shopify by 5.7% in the third quarter. Empowered Funds LLC now owns 22,446 shares of the software maker’s stock valued at $1,799,000 after purchasing an additional 1,211 shares during the period. Thrivent Financial for Lutherans raised its holdings in Shopify by 100.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 88,409 shares of the software maker’s stock worth $7,086,000 after acquiring an additional 44,345 shares during the period. Pathstone Holdings LLC lifted its position in Shopify by 3.8% during the 3rd quarter. Pathstone Holdings LLC now owns 68,800 shares of the software maker’s stock worth $5,514,000 after acquiring an additional 2,487 shares during the last quarter. Prospera Financial Services Inc grew its position in shares of Shopify by 1.7% in the third quarter. Prospera Financial Services Inc now owns 20,991 shares of the software maker’s stock valued at $1,682,000 after purchasing an additional 349 shares during the last quarter. Finally, Prospera Private Wealth LLC bought a new position in shares of Shopify in the third quarter worth about $98,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. The Goldman Sachs Group increased their target price on Shopify from $135.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. JPMorgan Chase & Co. raised their price objective on shares of Shopify from $121.00 to $124.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. JMP Securities reiterated a “market outperform” rating and set a $120.00 target price on shares of Shopify in a research note on Thursday, December 12th. Robert W. Baird increased their price target on shares of Shopify from $126.00 to $135.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Finally, Oppenheimer boosted their price objective on shares of Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Stock Up 8.2 %

Shares of NYSE SHOP opened at $101.69 on Thursday. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The firm’s 50-day simple moving average is $110.15 and its 200 day simple moving average is $99.10. The company has a market cap of $131.66 billion, a price-to-earnings ratio of 65.60, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60.

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

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.