Brooklyn FI LLC Purchases New Position in Shopify Inc. (NYSE:SHOP)

Brooklyn FI LLC acquired a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the fourth quarter, HoldingsChannel reports. The institutional investor acquired 4,672 shares of the software maker’s stock, valued at approximately $452,000.

Several other hedge funds have also modified their holdings of the company. Maryland State Retirement & Pension System grew its stake in shares of Shopify by 3.0% in the 4th quarter. Maryland State Retirement & Pension System now owns 128,489 shares of the software maker’s stock worth $13,669,000 after buying an additional 3,758 shares in the last quarter. Generali Asset Management SPA SGR bought a new position in shares of Shopify in the 4th quarter valued at about $6,653,000. Evoke Wealth LLC grew its position in Shopify by 2.8% in the fourth quarter. Evoke Wealth LLC now owns 6,611 shares of the software maker’s stock worth $703,000 after acquiring an additional 180 shares in the last quarter. Thrivent Financial for Lutherans increased its stake in Shopify by 149.0% during the fourth quarter. Thrivent Financial for Lutherans now owns 220,108 shares of the software maker’s stock worth $23,182,000 after acquiring an additional 131,699 shares during the last quarter. Finally, PDS Planning Inc raised its position in Shopify by 24.9% during the fourth quarter. PDS Planning Inc now owns 10,959 shares of the software maker’s stock valued at $1,165,000 after purchasing an additional 2,187 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Trading Up 8.2 %

Shares of Shopify stock opened at $101.69 on Thursday. The firm’s 50 day simple moving average is $110.15 and its two-hundred day simple moving average is $99.10. The firm has a market capitalization of $131.66 billion, a price-to-earnings ratio of 65.60, a PEG ratio of 4.82 and a beta of 2.60. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38.

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on SHOP shares. CIBC boosted their target price on Shopify from $135.00 to $160.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. Wedbush reiterated an “outperform” rating and set a $125.00 price objective on shares of Shopify in a research report on Tuesday, February 11th. Loop Capital upgraded shares of Shopify from a “hold” rating to a “buy” rating and raised their target price for the stock from $110.00 to $140.00 in a report on Friday, December 6th. Oppenheimer upped their price target on shares of Shopify from $130.00 to $150.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $120.00 price objective on shares of Shopify in a research note on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target 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.