Wealthfront Advisers LLC Grows Stake in Shopify Inc. (NYSE:SHOP)

Wealthfront Advisers LLC grew its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 398.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 71,750 shares of the software maker’s stock after acquiring an additional 57,341 shares during the quarter. Wealthfront Advisers LLC’s holdings in Shopify were worth $7,629,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. FMR LLC grew its stake in Shopify by 16.1% during the 3rd 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 during the last quarter. The Manufacturers Life Insurance Company grew its stake in Shopify by 6.3% during the 3rd 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 during the last quarter. National Bank of Canada FI grew its stake in Shopify by 28.0% during the 3rd 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 during the last quarter. Geode Capital Management LLC grew its stake in Shopify by 9.6% during the 3rd quarter. Geode Capital Management LLC now owns 5,387,806 shares of the software maker’s stock worth $432,573,000 after buying an additional 471,280 shares during the last quarter. Finally, CIBC Asset Management Inc grew its stake in Shopify by 1.2% during the 3rd quarter. CIBC Asset Management Inc now owns 4,776,948 shares of the software maker’s stock worth $383,316,000 after buying an additional 55,614 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

Shopify stock opened at $96.54 on Thursday. The stock has a fifty day moving average of $111.51 and a two-hundred day moving average of $98.34. The company has a market capitalization of $125.00 billion, a price-to-earnings ratio of 62.29, a PEG ratio of 4.82 and a beta of 2.60. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last released 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 return on equity of 12.00% and a net margin of 22.74%. On average, analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SHOP has been the topic of a number of research reports. CIBC raised their price target on Shopify from $135.00 to $160.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. Royal Bank of Canada increased their price objective on Shopify from $130.00 to $145.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Scotiabank increased their price objective on Shopify from $115.00 to $120.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 12th. Deutsche Bank Aktiengesellschaft increased their price objective on Shopify from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Finally, Canaccord Genuity Group increased their price objective on Shopify from $125.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. One investment 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 given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price 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.