Shopify Inc. (NYSE:SHOP) Stock Holdings Lifted by Fairfield Bush & CO.

Fairfield Bush & CO. lifted its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.0% in the 4th quarter, HoldingsChannel.com reports. The fund owned 22,009 shares of the software maker’s stock after acquiring an additional 1,254 shares during the quarter. Shopify comprises 1.4% of Fairfield Bush & CO.’s holdings, making the stock its 19th biggest position. Fairfield Bush & CO.’s holdings in Shopify were worth $2,340,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Canada Pension Plan Investment Board raised its holdings in shares of Shopify by 10.6% during the fourth quarter. Canada Pension Plan Investment Board now owns 4,420,836 shares of the software maker’s stock valued at $469,911,000 after acquiring an additional 423,000 shares during the period. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Shopify in the fourth quarter valued at $46,000. Marshall Wace LLP boosted its position in shares of Shopify by 623.8% in the fourth quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker’s stock worth $198,932,000 after buying an additional 2,228,091 shares during the period. NewEdge Advisors LLC raised its position in Shopify by 37.4% during the fourth quarter. NewEdge Advisors LLC now owns 59,468 shares of the software maker’s stock valued at $6,323,000 after buying an additional 16,194 shares during the period. Finally, Main Street Financial Solutions LLC lifted its stake in Shopify by 19.0% in the 4th quarter. Main Street Financial Solutions LLC now owns 9,484 shares of the software maker’s stock worth $1,008,000 after acquiring an additional 1,513 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on SHOP shares. Piper Sandler upped their target price on Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a report on Wednesday, February 12th. Wells Fargo & Company increased their target price on shares of Shopify from $120.00 to $135.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. New Street Research assumed coverage on shares of Shopify in a research note on Friday, January 10th. They issued a “neutral” rating and a $115.00 price target on the stock. Benchmark raised Shopify from a “hold” rating to a “buy” rating and set a $150.00 price objective for the company in a research report on Monday, February 10th. Finally, Royal Bank of Canada set a $145.00 target price on Shopify and gave the stock an “outperform” rating in a research report on Friday, March 21st. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $121.51.

Shopify Stock Performance

Shares of SHOP stock opened at $83.96 on Thursday. The firm has a fifty day moving average of $101.99 and a 200-day moving average of $101.40. The stock has a market cap of $108.71 billion, a price-to-earnings ratio of 54.17, a P/E/G ratio of 4.82 and a beta of 2.82. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) 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, sell-side analysts predict 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.