Seven Mile Advisory Increases Position in Shopify Inc. (NYSE:SHOP)

Seven Mile Advisory lifted its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,068 shares of the software maker’s stock after purchasing an additional 114 shares during the quarter. Seven Mile Advisory’s holdings in Shopify were worth $539,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Jennison Associates LLC bought a new position in Shopify in the 4th quarter valued at approximately $132,323,000. Watts Gwilliam & Co. LLC raised its stake 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 purchasing an additional 4,641 shares during the last quarter. Teachers Retirement System of The State of Kentucky boosted its position in shares of Shopify by 29.3% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock valued at $27,409,000 after buying an additional 77,500 shares during the last quarter. Wahed Invest LLC increased its holdings in Shopify by 18.4% in the 3rd quarter. Wahed Invest LLC now owns 57,624 shares of the software maker’s stock worth $4,618,000 after buying an additional 8,960 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in Shopify in the 3rd quarter worth about $33,676,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Down 5.9 %

Shares of NYSE:SHOP opened at $96.51 on Monday. The firm has a fifty day simple moving average of $110.21 and a two-hundred day simple moving average of $100.98. The stock has a market capitalization of $124.96 billion, a P/E ratio of 62.27, a PEG ratio of 4.82 and a beta of 2.60. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued 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 expect that Shopify Inc. will post 1.12 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on SHOP shares. CIBC lifted their price target on shares of Shopify from $135.00 to $160.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. Piper Sandler lifted their price objective on Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a report on Wednesday, February 12th. JMP Securities reissued a “market outperform” rating and issued a $120.00 target price on shares of Shopify in a research report on Thursday, December 12th. ATB Capital upped their price target on shares of Shopify from $145.00 to $170.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 12th. Finally, Benchmark raised shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 price objective on the stock in a report on Monday, February 10th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $126.31.

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.