IFP Advisors Inc Increases Stock Holdings in Shopify Inc. (NYSE:SHOP)

IFP Advisors Inc lifted its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 15.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,929 shares of the software maker’s stock after buying an additional 3,045 shares during the quarter. IFP Advisors Inc’s holdings in Shopify were worth $2,438,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Jennison Associates LLC purchased a new stake in shares of Shopify in the fourth quarter worth about $132,323,000. Swiss National Bank lifted its holdings in shares of Shopify by 0.9% in the third quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock worth $293,507,000 after buying an additional 33,300 shares in the last quarter. Watts Gwilliam & Co. LLC lifted its holdings in shares of Shopify by 53.0% in the fourth quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock worth $1,431,000 after buying an additional 4,641 shares in the last quarter. Teachers Retirement System of The State of Kentucky lifted its holdings in shares of Shopify by 29.3% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock worth $27,409,000 after buying an additional 77,500 shares in the last quarter. Finally, Oppenheimer & Co. Inc. lifted its holdings in shares of Shopify by 26.4% in the third quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock worth $2,693,000 after buying an additional 7,027 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. CIBC upped their price objective on shares of Shopify from $135.00 to $160.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. DZ Bank cut shares of Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. Royal Bank of Canada upped their price objective on shares of Shopify from $130.00 to $145.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. DA Davidson upped their price objective on shares of Shopify from $130.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Finally, Jefferies Financial Group upped their price objective on shares of Shopify from $110.00 to $130.00 and gave the stock a “hold” rating in a research report on Tuesday, February 18th. One 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 issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $126.31.

Shopify Stock Down 4.0 %

Shares of SHOP stock opened at $110.89 on Wednesday. The stock has a fifty day moving average of $112.67 and a 200 day moving average of $96.23. 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 $143.58 billion, a price-to-earnings ratio of 71.54, a PEG ratio of 4.82 and a beta of 2.47.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 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%. Equities research analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current 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.