SVB Wealth LLC Takes $563,000 Position in Shopify Inc. (NYSE:SHOP)

SVB Wealth LLC bought a new stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 5,296 shares of the software maker’s stock, valued at approximately $563,000.

Other institutional investors also recently modified their holdings of the company. Baillie Gifford & Co. grew its position in Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after buying an additional 8,131,160 shares in the last quarter. FMR LLC grew 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 worth $3,389,637,000 after buying an additional 5,869,795 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Shopify by 6.3% during 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 buying an additional 484,561 shares in the last quarter. National Bank of Canada FI grew its position in 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 buying an additional 1,621,981 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Shopify by 9.6% in 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 buying an additional 471,280 shares during the period. Institutional investors own 69.27% of the company’s stock.

Shopify Trading Down 5.1 %

SHOP stock opened at $106.25 on Tuesday. The stock has a 50-day moving average price of $112.82 and a 200-day moving average price of $97.34. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The firm has a market cap of $137.57 billion, a PE ratio of 68.55, a price-to-earnings-growth ratio of 4.82 and a beta of 2.47.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data 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 return on equity of 12.00% and a net margin of 22.74%. On average, analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have commented on SHOP. Loop Capital raised shares of Shopify from a “hold” rating to a “buy” rating and raised their target price for the company from $110.00 to $140.00 in a report on Friday, December 6th. Morgan Stanley raised their target price on shares of Shopify from $126.00 to $144.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Cantor Fitzgerald reissued a “neutral” rating and issued a $120.00 target price on shares of Shopify in a report on Wednesday, February 12th. UBS Group boosted their price target on Shopify from $110.00 to $125.00 and gave the stock a “neutral” rating in a report on Wednesday, February 12th. Finally, Oppenheimer boosted their price target on Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. One 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 issued a strong buy rating to the stock. Based on data from MarketBeat, Shopify has an average rating of “Moderate Buy” and a consensus price target of $126.31.

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.