K.J. Harrison & Partners Inc Grows Stake in Shopify Inc. (NYSE:SHOP)

K.J. Harrison & Partners Inc grew its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 163.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 30,630 shares of the software maker’s stock after buying an additional 19,000 shares during the quarter. K.J. Harrison & Partners Inc’s holdings in Shopify were worth $3,291,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the business. Baillie Gifford & Co. boosted its holdings in shares of Shopify by 14.7% in the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after buying 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 valued at $3,389,637,000 after acquiring an additional 5,869,795 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Shopify by 6.3% in the third quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock worth $658,248,000 after purchasing an additional 484,561 shares during the last quarter. National Bank of Canada FI increased its position in shares of 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 purchasing an additional 1,621,981 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Shopify by 9.6% during the 3rd quarter. Geode Capital Management LLC now owns 5,387,806 shares of the software maker’s stock valued at $432,573,000 after purchasing an additional 471,280 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Citigroup increased their price target on Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. Loop Capital upgraded shares of Shopify from a “hold” rating to a “buy” rating and upped their price target for the company from $110.00 to $140.00 in a research note on Friday, December 6th. Jefferies Financial Group lifted their price objective on shares of Shopify from $110.00 to $130.00 and gave the stock a “hold” rating in a research note on Tuesday, February 18th. Wells Fargo & Company boosted their price objective on shares of Shopify from $120.00 to $135.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Finally, Wedbush reaffirmed an “outperform” rating and set a $125.00 price target on shares of Shopify in a research report on Tuesday, February 11th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $126.31.

Shopify Price Performance

Shares of SHOP opened at $113.46 on Thursday. The firm has a 50-day simple moving average of $112.74 and a two-hundred day simple moving average of $96.35. The stock has a market cap of $146.91 billion, a PE ratio of 73.20, a P/E/G ratio of 4.82 and a beta of 2.47. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last released 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%. As a group, sell-side analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal 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.