Shopify Inc. (NYSE:SHOP) Shares Purchased by Lake Street Advisors Group LLC

Lake Street Advisors Group LLC raised its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 242.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,560 shares of the software maker’s stock after buying an additional 6,058 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Shopify were worth $910,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Baillie Gifford & Co. raised its position in shares of Shopify by 14.7% in the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after buying an additional 8,131,160 shares during the last quarter. FMR LLC grew its stake in Shopify by 16.1% in the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after acquiring an additional 5,869,795 shares during the period. The Manufacturers Life Insurance Company raised its holdings in Shopify by 6.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock valued at $658,248,000 after acquiring an additional 484,561 shares during the last quarter. National Bank of Canada FI lifted its stake in shares of 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 purchasing an additional 1,621,981 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Shopify by 9.6% during the third quarter. Geode Capital Management LLC now owns 5,387,806 shares of the software maker’s stock worth $432,573,000 after purchasing an additional 471,280 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

SHOP has been the subject of a number of recent analyst reports. Loop Capital upgraded Shopify from a “hold” rating to a “buy” rating and upped their target price for the company from $110.00 to $140.00 in a research note on Friday, December 6th. The Goldman Sachs Group upped their price objective on shares of Shopify from $135.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Piper Sandler increased their price objective on shares of Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a report on Wednesday, February 12th. KeyCorp boosted their target price on shares of Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Finally, Phillip Securities downgraded shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday, February 17th. 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 given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Stock Performance

Shares of SHOP opened at $113.46 on Thursday. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The stock has a 50-day moving average price of $112.74 and a 200 day moving average price of $96.35. The company has a market capitalization of $146.91 billion, a P/E ratio of 73.20, a P/E/G ratio of 4.82 and a beta of 2.47.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. As a group, equities research analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

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.