Grant Private Wealth Management Inc Takes Position in Shopify Inc. (NYSE:SHOP)

Grant Private Wealth Management Inc purchased a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 10,494 shares of the software maker’s stock, valued at approximately $1,116,000. Shopify accounts for approximately 1.2% of Grant Private Wealth Management Inc’s portfolio, making the stock its 23rd biggest holding.

Other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Shopify during the 4th quarter worth about $1,542,262,000. Arrowstreet Capital Limited Partnership lifted its position in shares of Shopify by 79.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock valued at $1,752,834,000 after acquiring an additional 7,316,862 shares during the period. Alliancebernstein L.P. increased its holdings in Shopify by 631.3% in the 4th quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker’s stock valued at $474,187,000 after buying an additional 3,849,796 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its position in Shopify by 30.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,095,382 shares of the software maker’s stock valued at $754,201,000 after purchasing an additional 1,647,374 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Shopify by 30.2% in the fourth quarter. Geode Capital Management LLC now owns 7,015,582 shares of the software maker’s stock valued at $748,799,000 after acquiring an additional 1,627,776 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Citigroup raised their price target on shares of Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. Oppenheimer boosted their target price on shares of Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. CIBC raised their price objective on Shopify from $135.00 to $160.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Wells Fargo & Company upped their target price on Shopify from $120.00 to $135.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Finally, Wedbush reissued an “outperform” rating and set a $125.00 price target on shares of Shopify in a research note on Tuesday, February 11th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $126.31.

Shopify Trading Up 3.1 %

SHOP opened at $100.65 on Thursday. The company has a 50 day moving average of $109.77 and a 200 day moving average of $101.33. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The company has a market cap of $130.32 billion, a PE ratio of 64.94, a price-to-earnings-growth ratio of 4.82 and a beta of 2.81.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly 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%. Research analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Shopify Company 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.